Russia’s LNG Exports in 2024 Hit a New Record High
Russia’s liquefied natural gas (LNG) exports in 2024 reached a record high of 33.6 million tons (45.7 billion cubic meters), a 4% increase from 2023 volume of 32.9 million tons.
This is according to data from analytics firm Kpler.
Russia also achieved a new milestone in December 2023, exporting 3.25 million tons of LNG.
It is about a 14% increase compared to the previous month and 1.3% higher than the previous high set in December 2023.
Europe – Main Customers of Russia’s LNG Exports 2024
European countries were the largest consumers, accounting for 52% of Russia’s total LNG exports, about 17.4 million tons. This represents a 4% point increase from 2023. The import surge occurred despite the EU’s efforts to curb reliance on Russian energy.
The largest buyers of Russian LNG in the EU in 2024 were France (6.3 million tons), Spain (4.8 million tons), Belgium (4.4 million tons) and the Netherlands (1.3 million tons).
Germany bought 58 cargoes of Russian LNG from the French port of Dunkirk in 2024, six times more than in 2023.
While Germany has halted direct pipeline gas imports from Russia, the data shows that between 3% and 9.2% of its gas supply still originates from Russia, reaching the country through other EU members.
Previously, Germany was heavily dependent on Russian piped gas to power its economy and had not yet built LNG terminals. This made the country almost entirely reliant on the Nord Stream 1 and 2 pipelines carrying gas from Russia’s giant Yamal gas fields to Lubmin, a coastal town in northeastern Germany.
Russia’s LNG Facility
The Yamal LNG facility contributed significantly to this surge, with shipments totaling 21.1 million tons, a 6% rise over 2023.
According to Kpler, the largest share of Russia’s LNG exports in 2024 came from the country’s Yamal LNG facility. Total shipments totalled 21.1 million tons.
In contrast, exports from Sakhalin-2 hit 9.9 million tons. At the same time, shipments from Vysotsk, home to mid-scale plants Gazprom LNG Portovaya and Kriogaz-Vysotsk, totalled 2.31 million tons.
The data also showed that some 186,000 tons were shipped from the Utrenny terminal, part of the Arctic LNG 2 project. Additionally, Kpler identified another 135,000 tons of Russian LNG shipments as originating from an unspecified port.
ASIAN BUYERS OF RUSSIA’S LNG EXPORTS 2024
According to Kpler, 45% of Russia’s LNG exports 2024, equivalent to 15.2 million tons, went to Asian markets. China is the top buyer in the region, importing 7 million tons, followed by Japan, which imports 5.7 million tons.
Other destinations included Türkiye and Kuwait. The latter significantly boosted its imports to 220,000 tons, a threefold increase over 2023 purchase volumes. Additionally, 336,000 tons of Russian LNG were shipped to unspecified destinations.
IMPACT ON EUROPE
Russia’s surging LNG exports in 2024 underscores complications in the EU’s effort to reduce the reliance on Russian fossil fuels.
Thus, Europe remains hooked on Russian gas and has been unable to find alternative energy sources.
Following Russia’s full-scale invasion of Ukraine in 2022, Europe began to reduce its reliance on Russia’s oil & gas. The aim is to avoid financing the Kremlin’s war chest.
Despite these efforts, Europe’s imports of Russian LNG, which is largely not subject to sanctions, have soared to record levels in 2024.
Unfortunately, reduced volumes and soaring costs led to the end of cheap imported Russian gas. Consequently, it led to the German economy’s deindustrialisation and sent Europe’s former powerhouse into a two-year recession.
The EU cut all Russian coal imports, most Russian oil imports, and over two-thirds of Russian gas imports to the EU.
In addition, the EU is currently preparing a 16th package of sanctions on Russia. However, despite recent calls by 10 EU members to ban Russian LNG imports, LNG will not be included in the upcoming sanctions package.
