EU Gas Imports in 2023 and Outlook for 2024

Russia remains the third largest gas supplier to Europe! (With a map and four charts)

In 2023, European gas markets were characterized by a steady decline in gas prices, further reduction in demand, and a growing appetite for LNG, especially from the US, to replace lost Russian gas. Consequently, the EU’s total piped natural gas and LNG imports stood at 301.8 billion cubic meters (bcm), down from 326 bcm the previous year, or 7.4% decline rate, according to the EOA’s calculations (Figure 1). The decline was due to reduced Russian piped natural gas supplies. LNG imports, meanwhile, increased by 8.2% year-on-year (YoY), reaching about 141 bcm and partly offsetting a 17.8% drop YoY in piped gas.  

Russia Dethroned in EU Gas Markets in 2023