Russia's LNG Exports At Record Highs Ahead Of Harsh Winters
Europe has been making attempts to get itself away from Russian energy products. The grand place is to replace the natural gas coming from Russia with other products, such as LNG. Through this practice, Europe is hoping that it will disturb Russia's finances and maybe stop the Russian-Ukraine war.
However, there's one problem with this plan... One of the major LNG exporters also happens to be Russia! This means that Europe is moving away from Russian gas coming in pipelines with LNG cargoes from Russia. I know this doesn't make sense, but that's what appears to be happening!
If we look at the numbers, Russian LNG exports are at all times high thanks to the rising demand ahead of the harsh winters. In October, the LNG exports were recorded at 4.3 billion m3, making it the highest level since the start of March. As for the countries which are the top importers of LNG, we have the names such as Japan, China, and France.
There's a high chance that some of this supplied LNG is making its way into the European countries as they are preparing to brace for the harsh winters.
Overall, the LNG shipments of Russia towards the EU have seen an increase of 46%. So there's no doubt that the EU is moving towards the Russian LNG rather than relying on piped natural gas.
As for how we ended up here, it all started when Russia slowed down the gas supply to the EU through the pipelines. Eventually, the gas supply was totally shut off after the pipelines were sabotaged. As for who's behind this sabotage of pipelines, that's still a question which remains unanswered!
Overall, the imports of LNG made by the EU were around 54.2 m3 during 2022, while it was around 105.7 m3 in 2021. However, this import of the Russian LNG means that now the EU is vulnerable once again towards Russian energy products.