Russia surpasses US, takes the throne in Europe; Türkiye becomes unexpected 'winner' in gas market

According to data from the Bruegel Institute for International Economics , Russia has increased its gas exports to the European Union (EU) to 54.45 billion cubic meters by 2024. Thus, Russia has surpassed the US to become the second largest gas supplier to the 27-member bloc.

Türkiye could see increased revenue as Ukraine halts transit of Russian gas. (Source: Getty Images)

The EU imported 297.9 billion cubic meters of gas in 2024, of which 54.45 billion cubic meters were purchased from Russia, up 21% compared to 2023.

As a result, Russia's share of the 27-member bloc's market has increased from 14.2% to 18.3%.

Among exporting countries, only Norway supplied more gas to the EU last year – 93.3 billion cubic metres compared to 90.3 billion cubic metres the year before.

The US, the second-largest gas exporter to the EU in 2023, is set to cut its supply by nearly 18% in 2024 to 51.3 billion cubic metres and become the third-largest supplier.

As a result, the US market share fell from 19.7% to 17.2%.

* On the gas issue, the Yeni Şafak newspaper reported that the TurkStream gas pipeline remains an important source of supply despite Europe's efforts to reduce its dependence on Russian natural gas.

Ankara could increase revenues amid Ukraine's halt in Russian gas transit.

TurkStream makes Türkiye an energy transit hub. With the closure of the route through Ukraine, Türkiye's role as an energy corridor will increase.

Although Europe is trying to reduce its dependence on Russian gas, supplies via TurkStream remain an important source of energy.

Turkey's energy sales revenue could increase after signing an agreement to increase gas transit through TurkStream, according to the Yeni Şafak newspaper.

Moscow's suspension of gas supplies via Kiev has reportedly threatened Europe's energy security.

On January 3, the Russian energy giant Gazprom announced that it has no technical or legal capacity to supply gas through Ukraine.

Russian gas supplies have stopped since the morning of January 1 after the agreement with Ukraine's Naftogaz Group expired.

Previously, the Kiev government repeatedly affirmed that it had no plans to extend the transit agreement.

Source: https://baoquocte.vn/nga-vuot-my-doat-ngoi-vi-o-chau-au-tho-nhi-ky-tro-thanh-nguoi-chien-thang-bat-ngo-o-thi-truong-khi-dot-299605.html