BAKU, Azerbaijan, February 5. TotalEnergies' LNG sales in 2024 fell 10%, totaling 39.8 million metric tons (Mt), down from 44.3 Mt in 2023, Trend reports.
According to the producer, the decline was primarily driven by sluggish European demand amid higher storage levels and a warmer-than-expected winter.
In contrast, the fourth quarter of 2024 (4Q24) showed significant quarter-on-quarter recovery, with LNG sales increasing 14% to 10.8 Mt from 9.5 Mt in 3Q24. This was attributed to seasonal inventory replenishment and higher spot market activity. However, 4Q24 sales were still 8% lower than the 11.8 Mt recorded in 4Q23.
For 2024, sales from equity production increased slightly by 1% year-on-year to 15.5 Mt, reflecting stable production levels. However, sales from equity production and third-party purchases dropped significantly by 14%, declining to 34.7 Mt from 40.1 Mt in 2023.