Experts predicted the consequences of Europe’s refusal of Russian energy resources Pressure on Russia could lead to energy starvation and the collapse of Europe. If Russian hydrocarbon raw materials are removed from the energy balance, the world economy will find itself in the deepest crisis in the history of the oil and gas industry, the authors of the study “Where can the EU buy gas?”, developed by the InfoTEK-Terminal Analytical Center, concluded.
As noted in the material, which Izvestia got acquainted with, in 2020 the EU depended almost 44% on Gazprom’s “pipe” gas alone, and taking into account LNG supplies from Russia, dependence approached 50%.
“If this gas is removed from the EU energy balance through the imposition of retaliatory sanctions, then the European economy will immediately collapse. It is impossible to completely replace Russian gas with oil or coal, since Russia is also their main supplier,” the experts noted.
The Qatari government says it has no plans to increase exports. At the same time, LNG supplies from Qatar to Europe are limited, because due to the long distance, gas losses due to evaporation are too high, InfoTEK-Terminal experts specified.
Gas production in Norway has been declining since 2017. It should be expected that it will continue to fall. Mining in Norway will completely stop by 2050, experts noted.
Considering the US as a reliable gas supplier to the EU is naive, the study says. Gas production in the United States is now backed by ten years of reserves, which means that the United States will again become a net importer in the next three to five years.
“Europe should not count on significant additional gas supplies from other sources, in particular from Australia or North Africa. Russia is currently playing the role of a global energy superpower. Its share in global energy is constantly increasing and will continue to grow in the future,” the authors of the study concluded.
They summarize that if infrastructure projects are blocked (including the Nord Stream 2 gas pipeline) and a direct ban on the purchase of oil and gas from Russia is introduced, the energy crisis in the EU will go into an acute phase, the supply of electricity and gas to households and industrial enterprises will stop, the global economic crisis will break out, the main victim of which will be the EU, as well as the US Federal Reserve System.
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