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Europe's Gas Imports from Russia Surpass US in May 2024, Reaching 15% of Supply

Jun 16, 2024, 02:00 PM

In May 2024, Europe's gas imports from Russia surpassed those from the United States for the first time in nearly two years. Russian pipeline gas and LNG shipments accounted for 15% of the total supply to Europe, while LNG from the US made up 14%, the lowest level since August 2022. This shift occurred despite Europe's ongoing efforts to reduce its dependence on Russian fossil fuels following the full-scale invasion of Ukraine. The Financial Times highlighted that this reversal was due to one-off factors, underscoring the challenges Europe faces in further reducing its reliance on Russian gas. Notably, the US had overtaken Russia as Europe's primary gas supplier in September 2022, maintaining about a fifth of the region's supply until this recent change. According to S&P Global and ICIS analysts, the 15% share included supplies to the EU, UK, Switzerland, and Serbia.