EU energy shake-up: Russia now second-largest gas supplier

In October 2024, Russia lost its position as the leading gas supplier to the European Union, slipping to second place behind Algeria, according to Eurostat data.

In September, Russia briefly reclaimed the top spot, supplying gas worth €1.4 billion, accounting for 23.7% of the EU’s imports, Caliber.Az reports, citing Russian media.

However, by October, Russian gas exports fell by 6% to €1.3 billion, reducing its share to 21.2%.

Meanwhile, Algeria boosted its gas supplies to the EU, delivering €1.3 billion worth of fuel in October (21.6% share), up from €1.1 billion in September.

The United States also emerged as a key supplier, increasing its gas exports to the EU by 19% to €1.2 billion. Conversely, Norway experienced a sharp decline, reducing its supplies by 20% to €777.4 million. Azerbaijan showed a steady rise, growing its sales by 8% to €431.3 million.

In total, the EU spent €6.15 billion on gas imports in October, marking a 5% increase from September but an 18% decrease compared to October 2023.

The changes come amidst the EU’s ongoing efforts to diversify its energy sources and reduce dependence on Russian hydrocarbons. Under the REPowerEU strategy announced in May 2022, the EU aims to phase out reliance on Russian energy by the end of the decade. This has led to a shift in the structure of imports: LNG now constitutes 40% of Russian gas deliveries to the EU, up from a third, while pipeline gas has decreased from 70% to 60%.

Russia has criticized the EU’s pivot away from its hydrocarbons, labelling it a strategic misstep. Moscow claims that Western countries are now purchasing Russian energy through intermediaries at inflated prices.

During an interview on October 25, 2024, Russian President Vladimir Putin reiterated that Moscow has not denied gas supplies to Europe, emphasizing that European nations can still receive Russian gas through various routes.

By Tamilla Hasanova