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Russian LNG Exports to Europe Hit 6-Month High: Montel

LNG

Russian exports of LNG to European countries – excluding Turkey – totalled 2m mt (2.7 bcm) in June, up 23% on the month and the highest since December, Montel said.

  • However, total exports of LNG to Europe were 14.9m mt, down 4.3% from May and the lowest since Jan. 2021.
  • “The increase in Russian exports to Europe this year is likely the result of the effective closure of Suez, which makes Russian exports to Asia – while the Northern Sea Route (NSR) is closed – particularly challenging,” said Jake Horslen, senior LNG analyst at Energy Aspects.
  • Russian transshipments have fallen, while the practice is set to be banned for Russian cargoes from next March.
  • There may be some reduction in Russian exports to Europe over the coming months, Montel said as the Northern route via the Arctic to Asia opens. This would cut the need to send its cargoes from Yamal to Europe.

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