Europe will need to increase LNG purchases by 16% without Russian gas transit through Ukraine
In 2025, Europe will have to increase its purchases of liquefied natural gas (LNG) by nearly 16% due to the lack of Russian gas transit through Ukraine, the report of the International Energy Agency (IEA) on the gas market. At the same time, the IEA predicts that gas prices at the TTF hub in Europe in 2025 could be 30% higher than in 2024.
Europe reduced its LNG imports by 18% or 30 bcm in 2024. However, Russia strengthened its position as the second-largest LNG supplier to the region, increasing its exports to Europe by 17% or 3 bcm.
The US reduced its LNG supplies to Europe by 18% or 14 bcm in 2024 but remained the leading supplier of this fuel to the region, with a 47% share, according to the IEA report. Qatar also reduced its shipments to Europe by 30%, redirecting cargoes to more profitable Asian markets.
Energy
-
In January-November 2024, Azerbaijan imported 513.5 mcm of natural gas worth nearly $82 million. In the same period of 2023, Azerbaijan imported 2 billion 217.7 mcm of natural gas, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan.
-
In January-November 2024, Azerbaijan imported 1.724 million tons of crude oil worth $948.86 million, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan. Based on the official statistics, Turan Agency calculated that the average cost of 1 ton of imported oil was $550.38, or about $74.37 per barrel. During the same period in 2023, Azerbaijan imported 1.782 million tons of oil worth $994.04 million. The average cost of 1 ton of imported oil was $557.68, or about $75.36 per barrel.
-
In January-November 2024, Azerbaijan spent $306.1 million on fuel imports (gasoline, diesel fuel, and aviation kerosene), by 74% more than in the same period of 2023, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan.
-
The Central Bank of Azerbaijan (CBA) forecasts the average oil price for 2025 at $77.3 per barrel, the chairman of the CBA, Taleh Kazimov, stated at a press conference.
Leave a review