CNN: EU ‘chase’ for gas as Russia leaves threatens energy shortages

CNN writes that European countries’ quest for gas could lead to shortages of energy supplies this winter. The publication predicts a “fight” for blue fuel.

The article states that Europe is starting to buy LNG sharply, destabilizing the entire market.

However, if EU countries manage to “significantly reduce” their dependence on Russian gas, global demand for raw materials will exceed supply by 26 million tons by the end of this year.

In a research note from consulting firm Rystad Energ quoted by CNN, it is said that “Europe is giving up Russian gas, destabilizing the entire global LNG market, which, after a turbulent 2021, entered the new year in a state of unstable equilibrium.”

The EU has not begun to impose a full oil embargo on Russia, making an exception for transit through the Druzhba pipeline. Bloomberg has calculated that Russia’s losses could be up to $22 billion a year. But Russian economists are confident that the appreciation of the Ural brand and increased demand from China, India and other Asian countries will allow Russia to reach zero by December 2022. Europe will have to look for new suppliers – so oil prices can rise to $ 150 per barrel in the summer. More in the material “Gazet.Ru”.



Source: Gazeta

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