In July 2024, EU countries reduced their gas consumption by 7% year-on-year due to measures aimed at cutting gas demand and increasing electricity generation from other sources. However, pipeline gas imports to the EU increased by 2% last month, and overall, supplies from Russia to Europe have risen by 3.1 billion cubic meters since the beginning of 2024. This information is reported by the Gas Exporting Countries Forum (GECF).
Overall gas consumption in the EU for January-July 2024 decreased by 4.5% compared to the same period in 2023, totaling 180 billion cubic meters.
"In July 2024, gas consumption in the EU decreased by 7% compared to the same period last year, primarily 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 in major industrialized European countries recovered, aided by falling gas prices," the report states.
Specifically, gas demand in Germany increased by 3.9% in July to 3.5 billion cubic meters; in Italy, it decreased by 5.5% to 4.2 billion cubic meters; in France, it fell by 6.7% to 1.3 billion cubic meters; in Spain, it dropped by 9.7% to 2.1 billion cubic meters. The UK reduced its gas consumption by 1.2% to 2.7 billion cubic meters.
Pipeline gas imports to the EU in July amounted to 13.3 billion cubic meters, up 2% from June 2024 and on par with July 2023. For January-July 2024, pipeline supplies to the EU increased by 5% to 93 billion cubic meters. This growth was driven by increased supplies from Russia by 3.1 billion cubic meters, as well as from Azerbaijan and Norway, according to the GECF.
According to the GECF report, China's total gas consumption in June increased by 6% year-on-year to 34.6 billion cubic meters.
In July, LNG imports to Europe fell by 26% year-on-year to 6.34 million tons, the lowest since September 2021. This decline was attributed to reduced gas demand, storage levels, increased pipeline imports, and significant price premiums for LNG in Asia. LNG imports by Asian countries rose by 14% to 23.4 million tons. For January-July 2024, Europe imported 60.63 million tons of LNG (-21%), while Asia imported 164.51 million tons (+11%).
Global LNG exports increased by 1.1% year-on-year in July to 33.36 million tons. For the year to date, global LNG exports have risen by 1.1% to 239.41 million tons.
The top LNG suppliers in July were the USA, Qatar, and Australia, with Russia in fourth place.
