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Global imports of liquefied natural gas (LNG) hit a record high of 409 million tonnes last year as Europe sought to replace Russian pipeline gas supplies and overtake Asia to attract the bulk of LNG cargoes.
This represents an increase over global liquefied gas imports of 386.5 million tonnes in 2021, Reuters reported, citing data from Refinitiv.
Commodities analyst Kpler pegs global LNG imports for 2022 at 400.5 million tonnes, up from imports of 379.6 million tonnes in 2021.
While Asia has been the main destination for LNG in previous years, Europe has emerged as a top market for LNG in the past year as it seeks to replace gas supplies via Russian pipelines.
Europe is believed to have imported almost a quarter of all LNG traded last year, winning competition with Asia as European benchmark prices jumped after Russia began cutting pipeline supplies to most of its customers on the old continent.
In 2022, EU LNG imports reached 101 million tonnes, a jump of 58% compared to 2021, according to Refinitiv data cited by the Financial Times.
According to the same data, the European Union imported a total of 24% of all liquefied gas traded last year.
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Much of Europe's LNG imports were helped by weak demand in Asia, where China saw a rare drop in consumption of the blue fuel amid slowing economic growth, while much of South and Southeast Asia simply couldn't keep up. the skyrocketing prices of liquefied natural gas allow.
Europe's shift to liquefied natural gas has created a shock to demand in an already tight global LNG market, with an additional 50 million tonnes of annual EU demand, London-based consultancy Timera Energy said.
Europe's role in the LNG market has changed sharply from a passive and flexible importer of LNG to a direct and aggressive competitor, Timera Energy also noted.
Despite the recent drop in benchmark European gas prices (gas TTF futures) to below those for North Asia, Europe continues to attract the bulk of US LNG exports as Asian demand remains weak, BNR said.
natural gas
liquefied gas