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LNG Offset Russian Supply in 2022 but More Needed in 2023

LNG

Increased LNG imports to Europe in 2022 offset much of the lost Russian supplies but more is likely to be required with Russian flows expected to be even lower in 2023.

  • Russia supplied 60bcm of gas in summer 2022 and flows are unlikely to repeat that in summer 2023. Reduced demand from China enabled high LNG imports to Europe in 2022 but a recovery in demand this year to 2021 levels could compete for supplies with Europe.
  • IEA last year suggested a potential 27bcm supply-demand gap in EU gas in summer 2023 if Russian supplies fall to zero and with a rebound in Chinese demand.


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