Europe was also lucky this winter, thanks to the unusually mild weather, and it also took proactive measures related to reducing consumption and relying on other sources of energy such as coal and nuclear energy.
Imports jumped liquefied natural gas around the world in 2022 to its highest levels in history, recording about 555 billion cubic meters, according to Refinitiv data.
And she was Europe It is the most prominent story in the liquefied gas trade, as its imports jumped by about 59 percent in 2022, to about 169 billion cubic meters, to top the list of global liquefied gas importers.
America was among the most beneficiaries of Europe’s thirst for liquefied gas, as the countries of the old continent imported half of their needs of this gas from the United States during the past year, despite the significant increase in its price.
Last year’s data indicates that the United States was the second most exporting country of liquefied natural gas globally, after Australia, as it exported about 110 billion cubic meters, an annual increase of 8 percent.
price jump
On this week’s episode of the programme Energy worldwhich discussed this topic, said the head of gas research at "Wood Mackenzie"Giles Farrier, that the demand for liquefied gas rose strongly in the past year, which raised prices to record levels, especially since the supply of it increased by only 4 percent.
Farrier said: "After the lack of Russian supplies of gas to Europe, the countries of the continent wanted to compensate for this shortfall by purchasing liquefied gas from international markets, and this was helped by the lack of demand coming from Asia, especially in Chinawhich was still experiencing repercussions corona".
He added "In light of Europe’s competition for liquefied gas, its price doubled in the past year compared to what it was in 2021, and the price of liquefied gas increased 6 times compared to its average price between 2016 and 2020.".
According to the head of gas research in "Wood Mackenzie"the prices of liquefied gas have declined in the past three months, compared to what they were in October, in light of Europe’s retention of stocks. "important and considered"Thanks to the mild weather.
In light of the current European inventories, and expectations of the return of demand from China after the resumption of its economic activities, the head of gas research at "Wood Mackenzie" The demand for liquefied natural gas globally will increase by about 3 percent in 2023.
He pointed out that despite Europe’s success in filling its stockpiles of gas before winter, it faced great challenges in achieving this, especially in light of the lack of infrastructure needed to import liquefied gas and pump it into the local network.
Farrier believes that Europe is now in a stronger position with regard to the availability of stations for importing and liquefying liquefied gas, especially after Germany expanded in operating floating stations to receive gas, as is the case in France, Britain, and other European countries.
"Europe’s existing infrastructure will enable it to import more LNG, if it needs to"Farrier said.
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it was “liquefied gasIt is the lifeline that saved European countries from the worst energy crisis in their history, and without which Europe would have ended up without sufficient energy supplies, which means that it was threatened with a scenario that could be described as “catastrophic”.
Europe was also lucky this winter, thanks to the unusually mild weather, and it also took proactive measures related to reducing consumption and relying on other sources of energy such as coal and nuclear energy.
Imports jumped liquefied natural gas around the world in 2022 to its highest levels in history, recording about 555 billion cubic meters, according to Refinitiv data.
And she was Europe It is the most prominent story in the liquefied gas trade, as its imports jumped by about 59 percent in 2022, to about 169 billion cubic meters, to top the list of global liquefied gas importers.
America was among the most beneficiaries of Europe’s thirst for liquefied gas, as the countries of the old continent imported half of their needs of this gas from the United States during the past year, despite the significant increase in its price.
Last year’s data indicates that the United States was the second most exporting country of liquefied natural gas globally, after Australia, as it exported about 110 billion cubic meters, an annual increase of 8 percent.
price jump
On this week’s episode of the programme Energy worldGiles Farrier, head of gas research at Wood Mackenzie, who discussed this issue, said that the demand for liquefied gas rose strongly in the past year, which raised prices to record levels, especially since its supply increased by only 4 percent.
Farrier said, “After the shortage of Russian supplies of gas to Europe, the countries of the continent wanted to compensate for this shortfall by buying liquefied gas from international markets, and this was helped by the lack of demand coming from Asia, especially in Chinawhich was still experiencing repercussions corona“.
He added, “In light of Europe’s competition for liquefied gas, its price doubled in the past year compared to what it was in 2021, and the price of liquefied gas increased 6 times compared to its average price in the period between 2016 and 2020.”
According to the head of gas research at Wood Mackenzie, LNG prices have declined in the past three months, compared to what they were in October, in light of Europe’s retention of “significant and significant” stocks, thanks to the mild weather.
In light of the current European stocks, and expectations of the return of demand from China after the resumption of its economic activities, the head of gas research at Wood Mackenzie expected that the demand for liquefied natural gas globally would increase by about 3 percent in 2023.
He pointed out that despite Europe’s success in filling its stockpiles of gas before winter, it faced great challenges in achieving this, especially in light of the lack of infrastructure needed to import liquefied gas and pump it into the local network.
Farrier believes that Europe is now in a stronger position with regard to the availability of stations for importing and liquefying liquefied gas, especially after Germany expanded in operating floating stations to receive gas, as is the case in France, Britain, and other European countries.
“Europe’s existing infrastructure will enable it to import more LNG, if it needs to,” Farrier said.