Russia’s gas exports to Europe at 40-year low

Russia’s natural gas exports to the European Union (EU) and the UK via the pipeline decreased by about 40 percent in the first 7 months of this year compared to the same period last year, falling to the lowest level in the last 40 years.

According to the statement of the International Energy Agency (IEA), the gas that Russia sends to the EU and the UK through the pipeline between 2016-2020 corresponds to about one-third of the total demand of these countries.

Russia’s natural gas exports to the EU and the UK via the pipeline decreased by nearly 40 percent in the first 7 months of this year compared to the same period last year, to 1.2 billion cubic feet per day. Thus, gas exports fell to the lowest level in the last 40 years.

Russia’s natural gas exports via pipelines to the EU and the UK have been declining since 2020 due to the decline in demand due to the epidemic.

In the middle of last year, Russia limited its natural gas exports to Europe to long-term contracts only, and ended its spot market sales.

The EU and the UK, which want to compensate for the decrease in exports from Russia via the natural gas pipeline, are importing record amounts of liquefied natural gas (LNG) from the USA.

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