In 2023, volumes of liquefied natural gas (LNG) exported from Russia to Europe decreased by 10%, representing 11.5% of European LNG imports, compared to 12.8% in 2022. These data, taken from A report from the International Group of Liquefied Gas Importers (GIIGNL) shows significant changes in the European energy market since Russia’s invasion of Ukraine.
Europe, which is seeking to diversify its sources of gas supply, has turned to LNG to compensate for the reduction in Russian gas imports via land pipelines. The European Union is now considering targeting Russian LNG as part of a new sanctions package, banning its transshipment via the EU to third countries.
The United States, the world’s leading LNG supplier
In 2023, the United States became the world’s leading exporter of LNG, with a market share of 21% and a total volume of 84.5 million tonnes, up 12% compared to 2022, TotalEnergies has elsewhere accelerated its investment in the United States in the field of LNG. Russia, for its part, has established itself in 4th place among world exporters, behind Qatar and Australia.
The United States also remained France’s leading LNG supplier in 2023, with a market share of 46%, followed by Russia (16%) and Algeria (15%). The latter saw its share increase compared to 2022, going from 12% to 15%.
A moderately growing global market
Globally, the LNG market grew modestly by 2.1% in 2023, reaching 401 million tonnes. This growth, mainly driven by Asia and in particular China, which will become the world’s leading importer of LNG in 2023, marks a slowdown compared to the 5.6% expansion recorded in 2022.
According to the GIIGNL report, this more moderate growth signals a phase of stabilization of the market, after a period of high volatility linked to the energy crisis of 2022. Players in the sector will have to adapt to this new context, by diversifying their sources of energy. supply and investing in more flexible and resilient infrastructure.
The European LNG market is undergoing a profound transformation, marked by a reduction in dependence on Russian gas and a diversification of supply sources. In this context, the United States is asserting itself as a major player, while the global market enters a phase of more moderate growth and stabilization.
