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Europe Set to Continue Reliance on Russian LNG in Near-Term: Platts

LNG

Russia remains an important supplier of LNG into Europe, with traders seeing little change to that, Platts said.

  • "If Europe is still importing LNG from Russia, it is because there is a need," a trader told Platts. "With our other main suppliers, such as Norway, operating at maximum capacity, it will be hard to completely stop the flow of Russian LNG. We are still not completely out of the crisis."
  • Russia has made up around 16% of Europe’s LNG imports in 2024 to date, with Spain reliant on Russia for around 32% of sendout.
  • If Russian LNG was to be banned outright by the EU-27, the continent would rely on US and Qatar, as well as other emerging markets. It may also have to expand imports from other markets such as Turkmenistan.
  • The EU parliament is set to vote on banning Russian gas at the national level on April 11.

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Russia remains an important supplier of LNG into Europe, with traders seeing little change to that, Platts said.

  • "If Europe is still importing LNG from Russia, it is because there is a need," a trader told Platts. "With our other main suppliers, such as Norway, operating at maximum capacity, it will be hard to completely stop the flow of Russian LNG. We are still not completely out of the crisis."
  • Russia has made up around 16% of Europe’s LNG imports in 2024 to date, with Spain reliant on Russia for around 32% of sendout.
  • If Russian LNG was to be banned outright by the EU-27, the continent would rely on US and Qatar, as well as other emerging markets. It may also have to expand imports from other markets such as Turkmenistan.
  • The EU parliament is set to vote on banning Russian gas at the national level on April 11.

Keep reading...Show less