Sunday , 25 September 2022

If Russia Stops Exporting Natural Gas To EU Which Countries Could Fill the Void?

Russia currently supplies 40% of the natural gas imported by the EU so, if Russia carries out its threat to turn off the tap, which countries would take up the slack with liquefied natural gas (LNG), which typically arrives by ship.

@$$4$Monday night, Russian Deputy Prime Minister Alexander Novak said in a statement that Russia could cut off the Nord Stream 1 gas pipeline as retaliation against Germany for withdrawing support for almost-finished Nord Stream 2. Novak also said he expected Europe to take longer than one year to replace oil currently bought from Russia and that it would come at a much higher price of $300 per barrel or more…[Were Russia to introduce] a complete end of natural gas sales to the EU, however, it would actually constitute a painful event for the Russian economy, itself, cutting out almost 3% from the country’s GDP.

 

Currently, almost 75% of EU supply (EU-27 and UK) arrives on the continent by pipeline [and] besides Russia, Norway and Algeria also pipe large volumes to Europe, but do not really have any additional production capacity to avoid a shortage in the event of a cutoff by Russia…

The main LNG exporting countries in the world in 2020 were Australia, Qatar and the United States…[and] while Qatar is the closest to Europe, the Qatari government has been somewhat tight-lipped about stepping in as a gas supplier for the EU…

 

The above version of the original post by Katharina Buchholz (Statista.com) was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

 

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