Europe, once a major importer of Russian gas, had to rethink its energy supply after imposing an embargo on this resource in response to the conflict in Ukraine. This redistribution of the market has paved the way for new players to compete for the lion's share of gas exports to the European Union.
February 24, 2022 marks a decisive turning point with the intensification of the war between Russia and Ukraine. The Kremlin annexed Crimea, triggering a series of questions within the European Union, notably about its dependence on Russian energy. As soon as the first economic sanctions were introduced, member states adopted measures to progressively limit their imports of oil, coal and gas from Russia.
However, reducing this energy dependence did not happen overnight. Some European countries were heavily dependent on Russian gas, making gradual measures necessary. Nevertheless, since 2021, the share of Russian gas in European imports has fallen sharply, making way for new suppliers.
Who is now exporting gas to Europe?
The figures speak for themselves: in 2021, 150 billion cubic meters of liquefied natural gas were imported by the European Union, compared with 45 billion in 2023. While Russia remains present, it has gone from being a key partner to a secondary player.
Other countries have taken advantage of this reorganization. The United States has more than doubled its exports to Europe over the same period. Norway, already a long-standing supplier, also increased its deliveries. What's more, the share of imports from the rest of the world has grown considerably.
Today, the breakdown of gas imports into Europe is as follows:
30% from Norway, which has become the continent's leading supplier Nearly 20% from the United States, which has established itself as a key player Approximately 15% remain from Russia, despite the desire to reduce this dependence 14% from North Africa, with Algeria as the main supplier The remaining 20% are divided between several countries, including the United Kingdom and Qatar.
Redistribution still in progress
This recomposition of the European gas market is still in progress. On January 1, 2025, a new element could accelerate this transition: the expiry of the agreement between Russia and Ukraine concerning a key corridor for Russian gas exports to Europe. Given the geopolitical context, it is unlikely that a new agreement will be reached, making the routing of Russian gas even more complex.
This new obstacle could further reduce Russia's share of European imports and strengthen the role of new suppliers. Europe continues to adapt to this new energy reality, where diversification of supply sources is becoming a strategic necessity.
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