The share of global LNG in the European Union’s gas import mix rose to unprecedented levels in 2022 as the bloc increasingly relies on LNG to replace most of the lost Russian pipeline supplies.
As Urals flows to Europe are drying up, being partly replaced by a ramp-up and re-routing of Johan Sverdrup deliveries, Russian crude supply should decline from December onwards. Moreover, a short-term supply disruption was resolved, after a dispute between the Turkish government and a club of WoS maritime insurers caused a backlog of 15-30 vessels in the Turkish straits.
Norwegian producer Equinor will invest in infrastructure upgrades to boost gas production. The firm has been trying to boost exports to Europe, its main export market, which is currently facing a severe gas shortage as it pivots away from Russian gas.