Reduced supplies of liquefied natural gas (LNG) from the United States to Europe will contribute to increased prices. Independent oil and gas market expert Vladimir Demidov said: “Lente.ru”.
According to the expert, Russia benefits from US President Joe Biden’s decision on fuel exports at this point. Demidov noted that Russia’s LNG supply is extremely limited in terms of capacity:
“Russia cannot supply more than it produces and free LNG,” the expert emphasized.
The expert explained that Russia’s profits will increase due to rising prices. Demidov noted that this does not mean that the Russian Federation will suddenly replace the United States in the LNG market, just because they are “different leagues.”
Before that, Texas Republican Senator Ted Cruz statedHe said that US President Joe Biden is helping Russia and President Vladimir Putin by banning LNG exports abroad.
Previously European Commission announced It plans to phase out Russian gas by the end of this decade.