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EU Is Largest Buyer of Russian LNG as Record Flows Coincide With Storage Shortfall

An IEA forecast signals a coming buyers’ market that could push prices lower for European importers.

Overview

  • EU states have taken roughly half of Russia’s LNG since February 2022 and about 35% of its pipeline gas, with Hungary, Slovakia, France, Belgium and the Netherlands among the leading recipients.
  • Russian LNG deliveries to the EU hit a record 21.5 billion cubic meters in 2024, then declined about 7% to roughly 15 billion cubic meters over the first nine months of 2025.
  • Europe received more than 80 billion cubic meters of LNG between April and October, the highest for that period on record, as global LNG exports set a September high of 34.59 million tons and European imports jumped 40% that month.
  • EU underground gas storage stands at 82.89%, below both the five‑year average by 9.11 percentage points and the 90% fill requirement for the Oct–Dec window, with regasification plants operating at about 48% utilization.
  • Gazprom cautioned that cold snaps could strain supplies given current storage levels, while long‑range forecasts point to a potentially abnormally cold winter in Europe and Russia.