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Monday, March 20, 2023

Russian LNG Exports Rising – Bloomberg

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Exports of liquefied natural gas (LNG) from Russia surged in October despite the push by the West to cut reliance on energy supplies from the sanctioned country, vessel-tracking data compiled by Bloomberg showed on Wednesday.

LNG deliveries last month were up by 1.1% year-on-year since March, notwithstanding efforts by Western countries to cut dependence on Russian gas.

Although the superchilled fuel hasn’t been sanctioned, some buyers have reportedly been avoiding supplies from Russia. However, LNG exports from the country are on the rise ahead of winter, when cold weather is expected to spur demand and squeeze global supply.

France, Japan, and China are among the top importers of Russian LNG, according to tracking data, which also showed that nearly half of the cargoes are currently en route to customers.

Pipeline gas exports to the EU plummeted as Western sanctions have prompted Russia to redirect its supplies to Asian markets.

While the EU remains divided on setting a price cap for Russian gas, China is taking advantage of a discount to spot market prices, Bloomberg reported, citing traders.

According to the outlet, Chinese imports of Russian LNG increased by one-third in September compared to the same period in 2021.

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