BAKU, Azerbaijan, January 6. In the third quarter of 2024, the European Union’s LNG import market showed significant shifts among its major suppliers, Trend reports.
While the United States maintained its position as the leading exporter, its share and volumes declined compared to both the previous quarter and the same period in 2023, according to the data provided by the European Commission.
Meanwhile, Russia’s share in EU LNG imports experienced notable growth, underscoring changing dynamics in the global LNG market.
The United States accounted for 40% (11 bcm) of EU LNG imports in Q3 2024, retaining its top spot among exporters. However, this represented a significant decline from 44% in Q2 2024 and 47% in Q3 2023. In volume terms, US exports to the EU decreased by 24% quarter-on-quarter (-2.6 bcm) and 27% year-on-year (-4.2 bcm).
The drop was primarily attributed to maintenance work at Freeport LNG, one of the United States’ key export terminals, as well as increased competition from Asian markets where high demand and soaring prices during heat waves diverted US LNG flows.
Russia emerged as the second-largest supplier to the EU, accounting for 20% (4.3 bcm) of LNG imports. This marked an increase of one percentage point compared to Q2 2024 (19%) and a significant rise from 12% in Q3 2023.
While Russia’s share in the EU market grew, the volume of its exports to the bloc fell by 12% quarter-on-quarter (-0.6 bcm). Year-on-year, however, Russian LNG imports increased by 27% (+0.9 bcm), reflecting a recovery in volumes from a low base in 2023.
Qatar, the EU’s third-largest supplier, provided 12% (2.5 bcm) of LNG imports in Q3 2024. While its share remained unchanged from the previous quarter, it dropped from 14% in Q3 2023. Volumes declined by 17% quarter-on-quarter (-0.5 bcm) and 33% year-on-year (-1.3 bcm), reflecting weaker export activity.
Algeria, the fourth-largest exporter, supplied 9% (1.8 bcm) of EU LNG in Q3 2024. This represented a quarter-on-quarter decline of 25% (-0.6 bcm) and a year-on-year drop of 15% (-0.4 bcm).
Norway and Nigeria ranked fifth and sixth, contributing 5.4% (1.2 bcm) and 4.9% (1 bcm) of EU LNG imports, respectively. Norway’s share has grown slightly compared to Q3 2023, while Nigeria saw minimal change in its position.
A comparison of the data from Q3 2024 and Q3 2023 highlights the evolving trends in EU LNG imports:
• United States: A seven-percentage-point drop (from 47% to 40%), reflecting reduced availability and competition from Asian markets.
• Russia: A significant eight-percentage-point rise (from 12% to 20%), indicating a recovery in market share despite geopolitical challenges.
• Qatar: A decrease in its share from 14% to 12%, mirroring a broader decline in export volumes.
• Algeria: A slight reduction in share from 9% to 8%, maintaining its position as a key supplier but at reduced levels.
