Europe’s imports of liquefied natural gas rose by 63%


European imports of liquefied natural gas increased by 63% in 2022, to compensate for the interruption of supplies through Russian gas pipelines.

According to a report issued by the International Energy Agency, the increase in European demand raised prices and doubled the value of the global LNG market in 2022, reaching unprecedented levels of $450 billion, while the market size increased by only 6%.

The agency expects global market growth in 2023 to increase by an additional 4.3%.

On February 24 of last year, Russia launched an attack on Ukraine, which was followed by angry international reactions.

To end it, Moscow requires Kiev to abandon any plans to join any military entities and remain neutral, which the latter considers to be an interference in its sovereignty.

The United States, the European Union and other countries have imposed sanctions against Russia targeting wealthy individuals, banks, business interests and state-owned enterprises, as well as the oil and gas sectors.

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