Over 523 billion cubic meters of natural gas delivered via China-Central Asia pipeline

Norway increased its natural gas pipeline exports to Europe by 8% in 2024, reaching a record 117.6 bcm, according to a statement from Norwegian gas transmission operator Gassco. "These volumes account for 30% of Europe's natural gas imports and about 9% of total energy consumption," the statement said.

Europe bought a record amount of liquefied natural gas (LNG) from Russia in 2024, totaling 17.8 million tons, according to The Guardian, citing data from Rystad Energy.

Austrian company OMV has signed a gas supply agreement with German company Uniper for its Black Sea project starting in 2027, as Europe seeks new ways to enhance energy security following the severing of ties with Russia, Reuters reported, citing its sources.

OPEC+ has performed well in previous years, keeping prices above $80 per barrel through its strategy, but achieving this for a fourth consecutive year is proving to be a tough challenge, according to analysts at Wood Mackenzie.