In July 2024, EU countries reduced their gas consumption by 7% year-on-year due to measures to reduce gas demand and increase electricity generation from other sources. However, pipeline gas imports to the EU increased by 2% last month, and overall supplies from Russia to Europe increased by 3.1 billion cubic meters since the beginning of 2024. This information is reported by the Gas Exporting Countries Forum (GECF).
Total gas consumption in the EU decreased by 4.5% from January to July 2024 compared to the same period in 2023, totaling 180 billion cubic metres.
“In July 2024, gas consumption in the EU decreased by 7% compared to the same period last year, mainly due to the implementation of measures to reduce gas demand and an increase in electricity generation from hydroelectric, nuclear and solar power plants. In the industrial sector, gas consumption recovered in the main European industrialized countries, supported by falling gas prices,” the report said.
Specifically, gas demand in Germany rose by 3.9 percent to 3.5 billion cubic meters in July; in Italy it fell by 5.5 percent to 4.2 billion cubic meters; in France it fell by 6.7 percent to 1.3 billion cubic meters; in Spain it fell by 9.7 percent to 2.1 billion cubic meters. Great Britain reduced its gas consumption by 1.2 percent to 2.7 billion cubic meters.
Gas imports to the EU amounted to 13.3 billion cubic metres in July, up 2% from June 2024 and at the level of July 2023. From January to July 2024, gas supplies to the EU increased by 5% to 93 billion cubic metres. This growth is due to increased supplies from Russia by 3.1 billion cubic metres, as well as from Azerbaijan and Norway, according to the GECF.
According to the GECF report, China’s total gas consumption rose 6 percent to 34.6 billion cubic meters in June compared to the same period last year.
In July, LNG imports to Europe fell 26% year-on-year to 6.34 million tonnes, the lowest level since September 2021. This decline was attributed to lower gas demand, inventory levels, increased pipeline imports and significant LNG price premiums in Asia. LNG imports by Asian countries rose 14% to 23.4 million tonnes. For January-July 2024, Europe imported 60.63 million tonnes of LNG (-21%), while Asia imported 164.51 million tonnes (+11%).
Global LNG exports rose 1.1% to 33.36 million tonnes in July compared to the same period last year. Year-to-date, global LNG exports have increased 1.1% to 239.41 million tonnes.
The largest LNG suppliers in July were the USA, Qatar and Australia, with Russia in fourth place.
