Page 136 - RusRPTApr24

(3.5mn tonnes worth $2.1bn) and Malaysia (1.7mn tonnes worth $855mn). In 2023, Russia exported 8mn tonnes of LNG to China, which is 23% higher than in 2022. Russia was the third-biggest LNG supplier to China last year.
EU pressures European importers to cut down Russian LNG purchases in 2024. "My message was that this year must bring further disengagement from Russian exports," Energy Commissioner Kadri Simson told Bloomberg following an EU-U.S. Energy Council meeting in Washington.
The supply of liquefied gas will double from the level of 2022 by 2050, OPEC believes and reach 805 million tons (or 1.1 trillion cubic meters in regasified form) per year, and their share in global gas trade will reach 64% . Pipeline gas supplies in the same period will decrease from 700 billion cubic meters. m per year to 620 billion, i.e. by 11%. Its main buyers will be China, India and other Asian countries. The total volume of world gas trade (pipeline and liquefied) by 2050, according to GECF forecasts, will increase by 39.5% to 1.73 trillion cubic meters. m per year. The base year is also 2022.
Demand for LNG is expected to increase by 50% by 2034 This forecast is considered realistic by Woodside Energy, an Australian oil and gas company specializing in the production and export of liquefied natural gas (LNG). Currently, the global supply of LNG still manages to meet demand, but if steps are not taken to increase the production of liquefied gas, a shortage of this energy carrier is inevitable. The demand will primarily be driven by the Asian market. It is there that industrial production is currently growing, unlike in Western countries and North America. Nonetheless, LNG consumption will gradually increase in Europe as well, albeit at a slower pace. EU countries are striving to emerge from the energy crisis caused by the imposition of sanctions against Russian hydrocarbons and are increasing electricity generation using "US-approved" liquefied gas. Germany plans to invest more than $17bn in the modernization and construction of seven new power plants running on liquefied gas.
136 RUSSIA Country Report April 2024 www.intellinews.com