European Union Becomes World’s Largest Buyer of Liquefied Natural Gas

The European Union has become the leader in global liquefied natural gas (LNG) purchases, according to the Financial Times.

In 2022, EU countries imported 101 million tons of LNG, marking a 58% increase compared to the previous year. Experts attribute this rise to the reduction in pipeline gas supplies from Russia, as reported by Kp.ru.

As a result, the EU's share of LNG imports accounted for 24%, allowing it to surpass previous leaders such as Japan (17%), China (15%), and South Korea (11%).

Earlier, it was reported that EU countries had agreed on a dynamic price cap for gas set at 180 euros per MWh (approximately $2,000 per thousand cubic meters), which will come into effect on February 15, 2023.