World LNG Report 2025_03

In 2024, Europe maintained its competitiveness in the global market to attract LNG cargoes with the bulk of flexible US LNG volumes still delivered to the continent. Increasing reliance on renewables, including wind and solar generation, across Northwest Europe and the Mediterranean reduced demand for LNG cargoes. Additionally, strong nuclear and hydro output coupled with relatively narrow differentials between European natural gas and LNG prices led to relatively lower imports of LNG on the year. Europe imported 100.07 MT of LNG in 2024, around 21.22 MT less than the volume in 2023. European LNG imports in 2024 were the lowest year levels procured since 2022.