Despite the cut in Russian supplies, the EU succeeded in limiting the fall in its net gas imports to 1.3%.
Following the war in Ukraine, Russia drastically cut gas supplies to Europe, introducing a new payment system for gas exports and sanctions on European companies and progressively stopping gas deliveries through the Nord Stream gas pipeline; rerouted gas exports to China failed to offset lower flows to Europe, and overall Russia’s net gas exports fell by 34% (-80 bcm) in 2022. Despite the cut in Russian imports, the EU’s net imports only dipped by 1.3% in 2022, thanks to a higher supply from Norway (whose net exports grew by 6.8%) and to a surge in LNG imports (over 60%). In Asia, net gas imports contracted by 6.4%, with a 11% decrease in China (lower gas consumption) and a 14% drop in India due to record high LNG prices. In Latin America, net imports decreased by 24% due to a 47% fall in Brazil, whereas Canada’s net exports grew by 12% (+0.8% in the US). Net gas exports also rose in Australia (+9.2%) and in the Middle East (+23%). In Africa, the lower gas production translated into a 12% fall in net gas exports.
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