"The demand for natural gas has declined in Europe during the 2010–2013 period largely due to the 2008 financial crisis and the subsequent recession and the migration of manufacturing industry to other world regions, but the lack of population growth and high prices have also contributed to the effect. Although there is currently an oversupply in the market, the trend has already reversed. Asia continuously diverts the LNG production surplus, while the US shale gas with its high variable cost and high sensitivity to LNG market prices cannot currently compete with the cheap Russian gas. The International Energy Agency (2017) forecasts flat demand and an average annual decline of −2.5%for European production. This amounts up to 34 bcm deficit in the 2017–2022 period and possible more in the future. Nord Stream 2 aims to close this gap."
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