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Russian pipeline gas and LNG exports to Europe up 18-20% in 2024, Novak states

Total exports of Russian gas to European countries have actually up until now been 1820% higher this year than in 2023, the Interfax news agency mentioned Deputy Prime Minister Alexander Novak as saying on Wednesday.

In January-November, materials of both pipeline gas and liquefied gas (LNG) surpassed 50 billion cubic metres, Novak was priced quote as stating.

Regardless of all the declarations and sanctions pressure due to the fact that gas is an extremely eco-friendly item it remains in demand. And Russian gas is the most cost-effective, both in regards to logistics and the rate, Novak was mentioned as stating.

The increase was from a very low base in 2023, when Russian pipeline gas supplies to Europe plummeted by 55.6% to 28.3 bcm as Moscow's relations with the West greatly deteriorated due to the Ukraine dispute.

Products are expected to recuperate to around 32 bcm this year, according to Reuters calculations.

Russian pipeline gas exports to Europe face severe obstacles.

A five-year gas transit deal in between Moscow and Kyiv that has actually seen Russian exports flow through Ukraine regardless of the war ends at the end of the year and Ukraine has stated it will not. renew the arrangement.

Around half of Russian gas to Europe streams via the. Ukrainian route. The rest is supplied through the TurkStream. pipeline on the bed of the Black Sea.

Products of Russia's sea-borne super cool LNG have been. growing however with Europe taking around a half of such. exports.

The EU has no impending plans to stop buying Russian LNG,. however has said it will try to wean itself off Russian gas by 2027. thanks to rising exports from Norway, the United States and. Qatar.

(source: Reuters)