MOSCOW, Aug 1 (Reuters) - Russian energy giant Gazprom's (GAZP.MM), opens new tab average daily natural gas supplies to Europe in July reached their highest this year, up 5.7% compared with a year ago and 12% higher than in June, Reuters calculations showed.

The month-on-month increase reflected the end of maintenance on the Turkstream pipeline from Russia to Turkey, and analysts also cited a seasonal increase in demand as utilities began injecting gas into storage ahead of the winter.

 

The calculations, based on data from the European gas transmission group Entsog and Gazprom's daily reports on gas transit via Ukraine, showed average daily pipeline exports increased to 91.5 million cubic metres (mcm) last month from 86.6 mcm in July 2023 and up from 81.8 mcm in June.So far this year, Gazprom's natural gas exports to Europe have reached about 18.3 billion cubic metres (bcm).That compares with between 175 bcm and 180 bcm when annual flows to Europe reached their peak in 2018-2019. https://www.reuters.com/business/energy/russian-pipeline-gas-exports-europe-reach-highest-this-year-2024-08-01/ 

• Russia’s monthly fossil fuel export revenues saw a 5%  month-on-month drop to EUR 664 mn per day.
• In June 2024, the EU was the largest importer of Russian LNG, purchasing 54% of Russia’s total exports, followed by China (22%) and Japan (18%).
• Belgium, Spain, and France imported exclusively LNG from Russia in June. Belgium was the second-largest overall importer of Russian fossil fuels, buying EUR 223 mn, followed by Spain with EUR 182 mn and France with EUR 151 mn.
• A lower price cap of USD 30 per barrel (still well above Russia’s production costs that average USD 15 per barrel) would have slashed Russia’s revenue by EUR 58 bn (25%) since the sanctions were imposed in December 2022 until the end of June 2024. A USD 30 per barrel price cap would have slashed Russian revenues by EUR 3.23 bn (25%) in June alone.
• Since introducing sanctions until the end of June 2024, thorough enforcement of the oil price cap policy would have slashed Russia’s revenues by 8% (EUR 19.52 bn). In June alone, full enforcement of the price cap would have slashed revenues by 10% (approximately EUR 1 bn).
• In June 2024, the EU announced its 14th sanctions package that has for the first time targeted 27 specific vessels contributing to Russia’s warfare against Ukraine. These vessels are subject to a port access ban and a ban on service provision.

EU imports of Russian gas surge by 27% in the first half of 2024, sending EUR 8.7 bn to Kremlin coffers

 

https://energyandcleanair.org/june-2024-monthly-analysis-of-russian-fossil-fuel-exports-and-sanctions/

 

 

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