Europe buys record amounts of Russian liquefied natural gas.

Russia's liquefied natural gas (LNG) exports to the European Union (EU) reached an all-time high of 1.75 million tons in November.

The information was compiled by the energy and maritime data firm Kpler. Previously, the month with the highest Russian LNG exports to the EU was December 2022, with a volume of 1.737 million tons.

The two European countries that bought the most Russian liquefied natural gas last month were France and Belgium. They import LNG from the Yamal Peninsula and the town of Vysotsk, supplied by Russia's second-largest gas producer, Novatek.

An LNG carrier at the Yamal Peninsula in 2019. Photo: Novatek

In November, Moscow's total LNG exports reached 2.914 million tons, a 9.3% increase compared to the same period in 2022. This means Europe purchased over 60% of Russia's exports. Meanwhile, LNG exports to China fell sharply to 0.1 million tons, compared to 0.8 million tons in October. In the first eleven months of 2023, Russia exported 29.1 million tons of LNG, a 2.5% decrease compared to the same period in 2022.

Since the Ukraine conflict broke out, the EU has aimed to reduce its dependence on Russian gas and liquefied natural gas. However, this year, Russian LNG exports to the region have increased. Some European countries have even allowed their ports to transship and/or re-export Russian LNG. In the first nine months, the EU ports receiving the most LNG from Russia were Zeebrugge (Belgium), Montoir-de-Bretagne (France), and Bilbao (Spain).

On the TTF energy exchange (Netherlands), November LNG contracts were priced at or above the spot price of LNG destined for Asia on several days, according to independent energy expert Aleksandr Sobko. The EU market has become more attractive due to significantly lower shipping costs from Yamal.

Additionally, Japan and South Korea continue to purchase Russian LNG from the Sakhalin-2 project under long-term contracts with Gazprom. Supplies to Japan in November increased by 22% year-on-year to 0.64 million tons. Meanwhile, exports to South Korea increased by 50% to 0.28 million tons.

Phiên An ( according to RT )

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