Joe Wallace and Georgi Kantchev of The Wall Street Journal report on Russian gas flows to Europe.
- Gazprom, Russia’s state-owned gas company, has reduced its supply of natural gas to Europe.
- Energy experts in Germany believe that Europe will be able to procure gas from other suppliers, albeit at higher costs, which would hurt consumers who are already dealing with rampant inflation.
- It’s unclear how long this supply reduction will last, but if it continues Europe could face some shortages in the winter.
“Germany’s first LNG import facility won’t come online until later this year at the earliest. Nor will a new LNG terminal in the Netherlands. A fire at Freeport LNG’s major export plant in Texas, meanwhile, will limit U.S. LNG exports for several months. China’s stop-start emergence from lockdown is likely to boost demand in Asia, increasing the contest for scarce gas.”
Read the full article here.