Russia overtook US as gas supplier to Europe in May

Financial Tiles ^ | June 15, 2024 | Shotaro Tani and Alice Hancock

[wildcard_redneck]

Europe's gas imports from Russia overtook supplies from the US for the first time in almost two years in May, despite the region's efforts to wean itself off Russian fossil fuels since the full scale invasion of Ukraine.

While one-off factors drove the reversal, it highlights the difficulty of further reducing Europe's dependence on gas from Russia, with several eastern European countries still relying on imports from their neighbour.

[MCF]

The Biden administration is not only allowing Europe to buy Russia fuel it is encouraging it. They want to lower the gas prices here in the US. This will continue until the election.

[tennmountainman]

Still waiting on that list of Ruzzian Provinces the Ukies Control.

[adorno]

But we have been told by Freeper Zeepers that Ruzzia economy was about to collapse. They are all Ukie Propaganda messengers.

Enlighten us.

How big is Russia's economy compared to the rest of the world, especially when compared to the top 20 economies.

Also, enlighten us some more about what products, other than oil and military weapons does Russia depend on for their 'robust economy'?

[tennmountainman]

Big enough to withstand the Sanctions imposed on them.
Specifically bigger than YouCraynee’s economy.

[adorno]

Big enough to withstand the Sanctions imposed on them.

That's not the answer to the question I asked. So, how big is Russia's economy as compared to the rest of the world, and more specifically when compared to the top 20 economies. Don't dance around the question.
Specifically bigger than YouCraynee’s economy.

Soecifically, it's also bigger than Haiti's economy, but then, Haiti is not relevant to the question, as Ukraine's economy is also not relevant to the question.

But, think about what you just said: Russia with a much bigger economy than Ukraine, is having a very hard time against a much smaller economy and much smaller military. Russia is getting its ass kicked by an insignificant economy and an insignificant military. Do you feel proud about that???

[Bulwyf]

Because they’re fools. You used the word in a sentence already.

Sadly they are dangerous fools wiling to throw away our own people into the slaughter.

[Bulwyf]

Russia is not getting its ass kicked, ukes are running out of people. It’s evil.

Here you are though, spouting nonsense. You’d think you would of been on the front lines by now.

[Vermont Lt]

Of course they wouldn’t want rubles for their products. No one wants rubles.

[tennmountainman]

Both YouCraynee and Ruzzia are Corrupt.

[adorno]

Russia is not getting its ass kicked, ukes are running out of people. It’s evil.

That's what Putin would say. But Putin and you both know that Russia has suffered around a million casualties, dead and wounded and put out of action forever. Though Ukraine has suffered a lot wounded and killed, Russia's casualties outnumber the Uke casualties by a lot. Though Ukraine has suffered a lot of damage to its infrastructure, Russia's military has suffered a lot more when it comes to monetary costs. Russia will take decades to repair their military.

Here you are though, spouting nonsense.

More talking points from Putin? You guys do a lot better job than Baghdad Bob.

You’d think you would of been on the front lines by now.

Been there, done that. How 'bout you? Have you served? And, I'm not talking about you serving Russia; I'm talking about you serving in the U.S. military, in any capacity. Don't lie!

[adorno]

Both YouCraynee and Ruzzia are Corrupt.

Yeah, the whole world is corrupt. It all depends on who you are and what you do to f-up the place. I'd bet you are more corrupt than Zelensky, and you have to be when you can't see that Russia is he enemy in that part of the world.

[tennmountainman]

More nonsense from a NeoCon.
A dime a dozen.

[adorno]

More nonsense from a NeoCon. A dime a dozen.

Hey, you forgot "Zeeper". Your game is failing. Wake up!

If you're not going to contribute anything of value to the conversation, at least improve on your asinine attacks.

[Bulwyf]

Are you legit mentally retarded? If so, I will show some sympathy.

If you’re not, your level of utter retardation blows anything else I’ve seen out of the water.

My mistake for commenting. I had forgotten about that idiotic handle.

My patience for this is at an end.

[kiryandil]

Are you legit mentally retarded?

wrongbro watches and believes the same Media that told him that The JoeTatoe is sharp as a tack.

[Bulwyf]

Must.

It’s on the wrong site.

One misguided Canadian sniper I know went over, came back with horror stories. Another guy named Sig from around here used to go hang out with Azov. It took a bit of doing, but I got him to tell all. They’re firing on their own people for one. That guy has since had a change of heart. Every single uke (over two dozen) that I’ve run into in person up here all say the same thing and blame zelensky.

I really wonder what the goal of these idjits is that keep spouting nonsense. I am highly concerned about unchecked immigration, the loss of freedom at home, and a myriad of other issues right here. What goes on over there doesn’t concern me at all, yet they keep wanting to drag me and my countrymen into it. I will not comply with that. I am also very tired of my own kind constantly being manipulated into killing each other. 7% of the world population and falling. Then it’s a free for all.

[minnesota_bound]

There s lots of money to be had in a war.

[adorno]

Are you legit mentally retarded? If so, I will show some sympathy. If you’re not, your level of utter retardation blows anything else I’ve seen out of the water. My mistake for commenting. I had forgotten about that idiotic handle.

Let's see...

Your contributions are, 'mentally retarded' and 'idiotic handle'. That's it???

Seems very clear to me and everybody else that, it's you that has the mental problems, when you can't contribute anything of value, and you think that all you need to do is hurl insults and you win the argument? That is somebody with the idiotic belief that, attacking those that you disagree with is all you need to do to end up with a winning argument. Moronic is what that is.

Next time, try to make a valuable contribution and you won't sound so mentally handicapped. You're like those in the insane asylum who believe that, it's everybody else that is crazy and he is the only one with a sane mind. Sound familiar?

And, 'idiotic handle'? What handle might that be? The only handle that applies is when "YOU can't HANDLE the truth!", which you apparently can't.

[Cronos]

Russian oil production is at 10.03M barrels, down from it's peak of 10.94M barrels - that's due to it not being able to procure equipment

And it's daily revenues have gone down

So their revenues ARE down. And India and China are driving hard bargain prices

Russia’s full-scale invasion of Ukraine and subsequent energy blackmailing of its primary market, the EU, has meant Russia has lost its main markets for gas. As a result, Gazprom, Russia’s state-controlled monopoly, is facing significant financial challenges. Last year, Gazprom reported a staggering 629 billion rubles (USD 6.9 bn) loss — its largest in over a quarter century. The roots of this setback can be traced directly to a sharp decline in gas sales to Europe, which has successfully diversified its energy sources away from Russian gas. With the European market currently inaccessible, securing the Chinese market through the Power of Siberia-2 pipeline has become critical for Gazprom. This will help mitigate losses and also stabilise finances. However, this strategy faces significant obstacles. In May, China requested that Gazprom sell gas at the same subsidised prices it offers to its domestic market. Additionally, China plans to purchase only a small portion of its natural gas needs through the Power of Siberia-2 pipeline. This puts Russia, and particularly Gazprom, in a challenging position. Even if the expansion into the Chinese market proceeds and the Power of Siberia-2 pipeline is built, profits could be minimal and would make it difficult to compensate for the losses suffered by losing the EU market.

EU countries still buy a lot of Russian gas and that is going to remain until the nuclear power plants and imports from Norway etc. step up

and if we look at who bought the fuels from Russia in the EU

The EU has granted an exemption for Russian crude oil imported through the southern branch of the Druzhba pipeline to Hungary, Slovakia, and the Czech Republic. Russian pipeline gas and LNG remain unsanctioned. Russia is reliant on EU ports logistically to transship its LNG and re-export to other countries. The EU is discussing a ban on transshipment of Russian LNG to third countries, which could be included in the Union’s 14th sanctions package.

The top five largest Russian fossil fuel importing countries in the EU paid Russia a total of EUR 1.1 billion in May. Member States can continue buying Russian fossil fuels due to exemptions in the sanctions.

Hungary was the largest importer of Russian fossil fuels within the EU in May, importing fossil fuels worth EUR 294 mn. Their imports comprised crude oil and gas, delivered via pipelines, valued at EUR 172 mn and EUR 122 mn, respectively.

Slovakia was the EU’s second-largest importer of Russian fossil fuels in May, purchasing fossil fuels worth EUR 269 mn. Imports included crude oil via pipeline valued at EUR 152 mn and pipeline gas valued at EUR 117 mn.

In May, the Czech Republic was the third largest importer in the EU, importing EUR 234 mn of Russian fossil fuels. Most of their imports (65% valued at 153 mn) comprised crude oil received via pipeline.

France and Belgium rounded off the top five LNG importers, with Russian LNG imports valued at EUR 196 million and EUR 178 million, respectively. Despite an 18% month-on-month decline in France’s total LNG imports in May, imports from Russia increased by 14%, accounting for 41% of the total volume. In contrast, Belgium’s total LNG imports rose 11% month-on-month, with imports from Russia increasing by 15% and comprising 66% of Belgium’s total LNG imports. All the LNG imported by these two countries originated in Yamal, with one transshipment operation occurring at the Montoir-de-Bretagne LNG facility and three transshipment operations occurring in Zeebrugge in May.

Russia remains highly reliant on the European and G7 shipping industry

[wildcard_redneck]

So you went from saying what I told you was a lie to proving my point. Thank you.