Economic Insights – Follow-up
The Director of the International Energy Agency, Fatih Birol, indicated on Tuesday that Europe may consider shifting its liquefied natural gas (LNG) imports from Russia to Qatar as early as 2027.
During the International Energy Week in London, Birol noted the European economy’s significant reliance on Russian LNG supplies.
“It may be time to replace this gas with imports from Qatar and other sources starting in 2027,” he stated.
The global LNG market is projected to experience a supply deficit until 2027, at which point new projects in Qatar, the United States, and other nations are expected to enhance global supply capabilities.
In 2024, Russian LNG imports to the European Union rose to approximately 20% of total imports, up from just 6% in 2023.
According to data from the European Union, the United States continues to hold its position as the largest supplier of liquefied natural gas, contributing 45% of total imports in the last year.
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