This winter Europe can import almost 40% more liquefied gas than last year. This will make it possible to offset gas supplies from russia, according to Bloomberg.
The region may import almost 40% more liquefied gas during the coming winter than in the prior year. Europe may increase purchases next summer by about 14% to rebuild lost inventories, the publication states.
Given the decrease in demand for gas due to higher energy prices, those shipments are enough to cover a complete halt in russian pipeline flows from 1 October.
To get the extra fuel, European buyers will need to purchase 90% more liquefied gas on the spot market than they have secured under long-term contracts, further ratcheting up competition with Asia.
That will support global gas prices that have soared since Europe sought to reduce its reliance on russia after the latter’s full-scale invasion of Ukraine in late February.