Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Europe In Need Of More Russian Gas Supply: Iea
IN anticipation of a gas shortage in the coming winter months in Europe, the International Energy Agency (IEA) has urged Russia to increase the gas supply to Europe to avoid any gas shortage. There is no simple answer to the sudden increase in the supply or any reason for the surge in the demand for gas in Europe. Is it because of the switch to alternative user-friendly green energy and the aim to achieve a comfortable acceptable level of CO2 within the global standard? Russia supplies about 45 percent of the gas needs in Europe and has a good grip on the market. It also has its own interest in increasing gas supply, but it is also conditional as it is waiting for approval to start the Nord Stream 2 pipeline, which extends from Russia to Germany and was recently completed. The US is against it, which perhaps could be to avoid more Russian influence in Europe especially Ukraine and Germany.
The less supply could be aimed just to impose pressure on the EU to expedite the issuance of its decision for approval to start the pipeline. This is not to the USA’s liking especially with its lesser influence. The USA can’t do much to ease the gas situation for its European allies, as there is a demand for increased supply and the call for more gas pipelines. In this regard, Russia is in charge and in a dominant position, as some countries depend by more than 90 percent on Russian supply. There is no easy solution at hand in this regard.
The shutting down of a gas field because of environmental concerns simply pushed gas prices to a record high of $84 – a price not seen since 2013 and it is six times higher than the price last year. Part of the shortage is due to the carbon tax which is aimed to discourage fossil fuels, which is backfiring in a big way. Denmark is committed to stop pumping oil and gas by 2050. The Netherlands is shutting down its gas field because of public pressure, with earthquakes being the main reason. The USA sending cargoes of gas to Europe will eventually cost American consumers higher, as a surge in the oil prices is not enough, which will hit the gasoline pumps immediately. Europe better give in to Russia’s demand and approve the Nord Stream 2 Pipeline. IEA’s call for more Russian supply will be met with deaf ears if Germany and its European partners do not reach some sort of compromise. The USA, on the other hand, can’t do much to help. Gas supply is under the Russian orbit.
Â
Â
SOURCEÂ ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment