European LNG imports fall but Russian gas rises

European LNG imports fell 19% in 2024 with gas consumption at an 11-year low but more Russian LNG continued to enter Europe, according to The Institute for Energy Economics and Financial Analysis (IEEFA).

The updated European LNG Tracker from the Institute showed that the continent’s 2024 LNG demand dropped to its lowest level since 2021.

European countries that reduced their LNG imports the most were the UK (47% year-on-year), Belgium (29%) and Spain (28%) – but IEEFA estimates EU countries spent €6.3bn on Russian LNG between January and November 2024.

“EU efforts to curb gas demand have been crucial for maintaining the continent’s security of energy supply,” said Ana Maria Jaller-Makarewicz, lead energy analyst, Europe, at IEEFA. “However, as EU gas demand was flat last year, more work is needed to diversify energy supplies and reduce Europe’s exposure to LNG market volatility.”