Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance commented to the Oil and Capital newspaper on the prospects for increasing energy purchases from the United States by the EU countries.
As Alexey Gromov noted, it is technically quite possible for the European Union to completely reorient its energy imports to the United States.
"American companies that sell liquefied natural gas follow the same strategy as Gazprom, which has been selling natural gas to Europe for many years. They use long-term contracts. That is why it is worth waiting for the conclusion of new long-term agreements with Europe in the near future. In recent years, Russia has been increasing LNG exports to the European Union (the 3rd largest supplier on the market), but now these volumes will go to suppliers from America.
There are basically no long-term contracts on the global oil market (shipping by sea). In principle, volumes vary quite a lot from month to month. Let me remind you that when the EU imposed an embargo on oil and petroleum products from Russia, no contracts were terminated. The EU simply stopped buying oil and changed its purchase structure in just a year. This also affected Russian oil products," the expert said.
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