Azerbaijan’s share in EU gas market grows - latest figures

[ad_1] BAKU, Azerbaijan, January 2. Within the third quarter of 2024, Azerbaijan solidified its place as one of many key pure fuel suppliers to the EU, contributing 4% of the EU’s whole fuel imports, equal to 2.7 bcm, Pattern experiences.

Whereas this represents a modest share in comparison with bigger suppliers like Norway and Russia, Azerbaijan’s regular progress highlights its strategic significance within the EU’s efforts to diversify vitality sources.

Azerbaijan’s fuel exports to the EU in 3Q2024 noticed steady efficiency in comparison with earlier quarters, aligning with the EU’s growing reliance on the Southern Gasoline Hall. In 3Q2023, Azerbaijan’s share additionally stood at 4%, delivering 2.7 bcm. Nonetheless, in comparison with 3Q2022, when Azerbaijan provided roughly 2.5 bcm (3% of the full imports), this displays a 8% enhance in volumes over two years.

In 2Q2024, Azerbaijan exported 2.6 bcm of pure fuel to the EU, sustaining consistency as a dependable provider. The slight enhance to 2.7 bcm in 3Q2024 underscores the nation’s capacity to keep up regular export ranges at the same time as general EU fuel demand declines.

Azerbaijan has develop into a cornerstone of the EU’s diversification technique, providing an alternative choice to Russian fuel and contributing to the bloc’s vitality safety. The Southern Gasoline Hall, a significant infrastructure venture accomplished in recent times, has performed a vital function in enabling Azerbaijan to export fuel on to European markets. This pipeline community connects Azerbaijan’s huge Shah Deniz fuel area to EU member states. The hall permits for a capability of over 10 bcm yearly, with room for growth as demand grows.

Whereas Norway, Russia, and the USA dominate the EU’s fuel imports, Azerbaijan has carved out a distinct segment by providing a steady and politically dependable provide. In Q3 2024:

• Norway provided 33% of the EU’s whole imports (21.3 bcm).

• Russia accounted for 20% (12.7 bcm).

• Azerbaijan’s 4% share locations it on par with Qatar and forward of Nigeria, solidifying its function as a mid-tier provider.

Because the EU continues its transition towards cleaner vitality, demand for pure fuel is anticipated to say no progressively. Nonetheless, Azerbaijan’s strategic place and present infrastructure guarantee it can stay a key participant within the medium time period. With potential pipeline expansions and elevated manufacturing capability, Azerbaijan might develop its market share additional, particularly as EU member states cut back dependency on Russian vitality imports.