Europe was the largest customer in the global liquefied natural gas market in 2022, with the region importing substantially higher volumes than rival buyers as it seeks to replace dwindling Russian pipeline gas supplies.
In previous years, the EU lagged behind Japan and China on LNG imports, but Russia’s weaponisation of energy since its invasion of Ukraine has forced the bloc to seek alternative fuel supplies.
With Europe’s need to import greater volumes to fill up its storage facilities in 2023, the global LNG market is set to remain tight, potentially pushing up prices for gas users worldwide.
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