Europe with record imports of LNG

Europe was the biggest LNG buyer and importer on the global markets for LNG last year. EU contires imported 101 million tonnes of liquefied natural gas in 2022 which is almost 60% more than previous year. EU alone accounted for almost one quater of global LNG imports.

When gas price goes up in Europe, Asia has to (increase the amount it pays) accordingly to be able to compete to attract LNG cargoes. Europe has become a premium market.

LNG analyst at Refinitiv

With Europe needing to import higher volumes to fill its storage facilities in 2023 the global LNG market will remain tight potentially pushing up prices for gas consumers around the world. Liquefied gas now accounts for about 35% of gas supplies in Europe  up from a share of 20% last year according to data from the Bruegel.

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