For the first time in nearly two years, EU member states imported more natural gas from Russia than from the United States in a single quarter, according to a recent energy market study.
However, the overall decline in gas imports this year is concerning. This drop, alongside a mild winter and full storage facilities, also reflects underlying economic weaknesses within the EU.
From April to June, the EU imported over 12.7 billion cubic meters of gas from Russia, compared to 12.3 billion cubic meters from the United States, as reported by the Brussels-based consultancy Bruegel. While Russian deliveries saw a slight decrease compared to the first quarter of 2024, imports from the US fell more significantly. Russia remains the largest supplier of gas to the EU, with 23.9 billion cubic meters in the second quarter. This position was held by Russia until the invasion of Ukraine in February 2022, which led many EU countries to reduce their Russian gas imports.
It’s worth noting that LNG imports in the last quarter were considerably lower than in 2022 and 2023. The most troubling aspect of Bruegel’s data is the overall decline in gas consumption in the EU, approaching historic lows, with 2023 already ahead. This indicates a growing weakness in the bloc’s economy, which is expected to see less than 1% growth in the Eurozone this year.
Among the land routes for importing Russian gas, only the TurkStream route, along with the Ukrainian route, remains operational, with record volumes reported in the first eight months of the year.
