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3 Nov, 2022 13:39

US becomes EU’s second-largest gas supplier

Norway has secured the top spot amid the decline in flows from Russia
US becomes EU’s second-largest gas supplier

The US has become the EU’s second-largest gas supplier due to increased LNG deliveries amid the drop in supply from Russia, deputy head of the European Commission Valdis Dombrovskis said on Thursday at an economic conference in Latvia.

We have managed to completely rebuild the structure of our suppliers. Norway is now the largest supplier of natural gas, followed by the US, which supplies us with liquefied natural gas,” he said, as cited by the TASS news agency.

Prior to this year, Russia was the bloc’s largest gas supplier, covering roughly 40% of the region’s needs. However, following the start of Moscow’s military operation in Ukraine and the ensuing Western sanctions, Russian supplies are down to just 9% of the EU’s imports.

The US became the EU’s third largest supplier last year, overtaking Algeria. In 2022, American LNG shipments were ramped up further and now account for nearly half of the bloc’s total LNG purchases.

Some, however, criticize Washington for taking advantage of the energy crisis in the region, as its LNG deliveries cost up to four times more than the Russian gas supplies it used to rely on.

For more stories on economy & finance visit RT's business section

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