KNN

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Confirmed previous forecast
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KNN
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Why do you think you're right?

I would say 0 given the passage of time. The EU’s total imports of Russian gas fell sharply from ~150 bcm in 2021 to ~52 bcm in 2024.  https://energy.ec.europa.eu/news/repowereu-3-years-commission-takes-stock-progress-phase-out-russian-fossil-fuels-2025-05-16_en

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Why might you be wrong?

Quarterly import volumes can fluctuate with demand, e.g., winter heating. 

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Why do you think you're right?

It appears highly unlikely that the European Commission / Eurostat region will import 15 billion cubic metres (bcm) of natural gas from Russia in any single quarter of 2025. According to the Institute for Energy Economics & Financial Analysis (IEEFA), the EU’s pipeline gas imports from Russia via the only remaining major route (via TurkStream) ended transit through Ukraine as of 1 January 2025, which removed around 15 bcm per year of Russian pipeline gas.  The threshold of 15 bcm in a quarter would require about 60 bcm per annum (15 × 4), which is well above the 35-39 bcm projected for 2025 total Russian gas exports to the EU. 

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Why might you be wrong?

Some imported LNG might transit or be re-exported which complicates the situation. 

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KNN
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Why do you think you're right?

Confirmed previous forecast. This is not the strategic priority for either China or India.

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Why might you be wrong?

I am keeping 1% for any potential black swan event. 

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