Alexey Belogoryev, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the Ekonomika Segodnya internet magazine on the results and prospects for replacing Russian pipeline gas in the EU countries.
For the winter of 2022-23, the Europeans should have enough gas reserves and sustainability in the energy sector, but what they will do next is still a question.
“I do not believe that the Russian pipeline gas embargo will enter the ninth or tenth with the eleventh package of sanctions. So far, there is no reason to think so, although some EU countries will lobby for it,” the energy expert concludes.
“Even if Russian gas continues to be supplied in the current volume, the EU will still have problems in the winter of 2023-24 and 2024-25. Until 2026, there will be no new offers for LNG in the world, and the reduction in demand has a limit,” Belogoryev sums up.
“The next two years will be difficult for the EU, and in 2025 the global LNG market is expected to see a sharp increase in supply, especially from the US. From 2026, there will be no risk of a physical shortage of gas in the European energy sector, even in the event of a complete cessation of Russian supplies. Today, the Russian Federation supplies about 65 million cubic meters of gas per day to the European Union,” Belogoriev states.
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