Europe in December 2020 reduced imports of liquefied natural gas (LNG) by a record 43 percent in annual terms, writes “Interfax” .
Europe has bought a record low gas consumption, despite the fact that during the winter months its consumption usually only grows. This has become a new minimum not only for 2020, but also over the past more than two years (since September 2018). Over the past year, Europe has cut LNG imports by seven percent (to 97.194 billion cubic meters).
Having spontaneously oversaturated the market, LNG has led to its imbalance, and at the same time to a rapid collapse in prices, experts say.
Earlier it became known that in Russia collapsed oil and gas production at 8.6 and 6.2 percent, respectively. Oil exports to non-CIS countries in 2020 decreased by 11.8 percent. Oil and gas revenues of the Russian budget for three quarters fell by 36 percent compared to the same period last year.