Azerbaijan's natural gas exports to EU surge Doubles market share

Azerbaijan has significantly expanded its presence in the European Union (EU) natural gas market, exporting 11 billion cubic meters of natural gas last year, according to the European Commission's report for the fourth quarter of 2023.

The report highlights that Azerbaijan's share in the EU's total gas imports rose from 3 per cent in 2021 (8 billion cubic meters) to 7 per cent in 2023. This substantial increase underscores Azerbaijan's growing role as a key energy supplier to Europe, Caliber.Az reports citing local media.

In contrast, the EU's overall natural gas imports saw a decline, totaling 290 billion cubic meters in 2023, a decrease of 13.4 per cent compared to the previous year. Similarly, EU gas consumption decreased by 7.3 per cent year-on-year, totaling 330 billion cubic meters.

The reduction in EU gas imports from Russia was drastic, plummeting by 3.5 times from 150 billion cubic meters in 2022 to 43 billion cubic meters in 2023. This decline is attributed to sanctions imposed amidst the Russian-Ukrainian conflict and milder seasonal temperatures impacting demand.