Algeria, Europe’s largest North African gas exporter is taking advantage of the tight EU gas market.
Southern European countries have been very active to secure new gas supplies in the last few months.Several European countries have a difficult relationship with Algeria, which also maintains a close working relationship with Russia.Europe’s natural gas situation is far from bleak if politicians are to be believed. With storage levels, hovering between 91-100% full, some sighs of relief are heard in NW European gas markets.
Southern European countries have been very active to secure new supplies in the last few months, delegations have been sent to Egypt and Algeria to ask for additional volumes and long-term contracts. Egypt’s LNG exports are booming, with more to come the next year. Cairo has even ordered lower domestic energy consumption rates to support additional LNG export capacity.
Other European countries also are expecting extra Algerian supplies. On November 18 Italian oil and gas major ENI stated that it expects gas flows from Algeria to be doubled by 2024. Lucia Calvosa stated that “replacing Russian gas will largely come from Algeria, whose supplies to Eni will double from about 9 billion cubic meters per year to about 18 billion cubic meters by 2024. Of these additional 9 billion, a part has already arrived and the other will arrive progressively during 2023".
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