EU imports of LNG increased 42%, Russian price cap still not reached
2 Min Read
The 42% amounts to approximately 17.8 billion cubic meters (bcm) of natural gas with clients Belgium, France, Spain, and the Netherlands ranking as the top importers.
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An LNG carrier ship (abc)
Imports of Russian liquefied natural gas to the EU have increased by 42% between the months of January and October 2022 according to the Financial Times.
The percentage amounts to approximately 17.8 billion cubic meters (bcm) of natural gas with clients Belgium, France, Spain, and the Netherlands ranking as the top importers.
Per the Financial Times report, the EU imported 155 bcm of Russian natural gas and LNG last year, adding that Russia is considered the continent's second-largest energy supplier.
The EU's share in Russian LNG however lowered by 16% this year as a result of the EU's imports of LNG from the US, which accounted for 42%.
The European Union's gas storage is about 95% full, and many analysts believe the continent might avoid an energy catastrophe this winter. Although Europe has filled its reserves of natural gas for this winter, the continent is seeking to secure energy for the coming years, which are also expected to remain tormented by threats of energy scarcity, according to The Wall Street Journal last week.
As the West scurries to limit its reliance on Russia for oil and gas, the G7 finance ministers confirmed in September plans to impose a price cap on Russian oil. A month after, an eighth sanctions package against Russia was announced by the EU which included a more legal basis for the price cap for shipments of Russian oil to developing countries.
Earlier, representatives of the EU's 27 governments met in Brussels to discuss a G7 proposal to set the price cap in the range of $65-$70 per barrel, but diplomats say there are still differences on the price cap level that the bloc intends to set on Russian oil. The US is already pressing on the implementation of the initiative.
Read more: Russia to reduce production under possible price cap: Novak
Just last month, Germany's former Chancellor, Angela Merkel, asserted that she does not regret signing natural gas deals with Russia during her 16-year-long term, defending her argument by saying that Moscow has for long been a "reliable energy supplier" and has offered lower prices than others.
