In the first six months of 2025, the European Union imported a record 75 billion cubic meters of liquefied natural gas, marking a 40 percent increase compared to the same period last year, or an additional 22 billion cubic meters. Greg Molnar from the International Energy Agency attributes this surge to a combination of factors. Gas consumption across Europe rose by nearly 5 percent due to a drop in electricity generation from renewable sources and colder-than-average winter temperatures, which boosted heating demand.
At the same time, pipeline gas deliveries from Russia were almost halved after the suspension of transit through Ukraine, and Norwegian output declined slightly due to scheduled maintenance. European storage facilities began filling at a much faster rate than in previous years. From April onwards, injections into underground reserves increased by 35 percent year-on-year, adding around 7 billion cubic meters. Despite this acceleration, overall inventories remain nearly 20 billion cubic meters lower than they were a year earlier.
Meanwhile, exports of EU-sourced gas to Ukraine have surged nearly twelvefold as Ukraine seeks to rebuild its depleted stockpiles. The majority of the increase in LNG imports came from the United States, which supplied almost 90 percent of the additional volume. American shipments now make up over 55 percent of all LNG deliveries to the EU. Notably, the newly operational Plaquemines LNG terminal alone accounted for nearly 30 percent of the additional European demand, playing a crucial role in preventing a more severe supply crunch.
Looking ahead to the second half of 2025, the outlook for LNG imports remains uncertain. European storage levels are still below the five-year average, Russian pipeline flows show no sign of recovery, and high summer temperatures may increase demand for gas-fired electricity generation. At the same time, early signs of a rebound in China’s gas consumption point to growing global competition for LNG supplies in the coming months.
