Qatar warning: EU will pay FOUR times more for energy as Russia threatens gas cut

Russia: Expert on ‘closing the taps on Europe’

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The country’s energy minister has warned that despite the country’s massive hydrocarbon reserves, it will not be able to single-handedly make up for the tens of billions of cubic meters of gas. This will be needed if Russia decides to completely stop the supply of gas to Europe. The EU has responded to Russian aggression in Ukraine by putting Russia’s Nord Stream 2 gas pipeline on hold to ensure that Moscow would not be able to use natural gas as a “weapon”.

This retaliation by the EU against Russia has sparked fears that Mr Putin may decide to cut off the supply of gas to the continent entirely.

Politico reported this week that this is a genuine “worst-case” scenario that Mr Putin could unleash.

Qatari Energy Minister Saad bin Sherida al-Kaabi warned a European Union official that the fossil fuel-rich country alone would not be able to save the EU, and there is no point in robbing Peter to pay Paul.

Tensions between Russia and Ukraine reached new heights when Russian President Vladimir Putin amassed around 100,000 Russian troops near the border with Ukraine in recent months.

The show of military strength, which also includes a build-up of tanks, artillery and missiles, has sparked fears of an imminent invasion.
Mr Putin has consistently denied that Russia intends to invade its neighbour.

If Russia did decide to retaliate by cutting off gas supplies to the EU completely, the bloc may be forced to pay four times as much for gas, imported from the US, Qatar, and others, according to Russian expert Murad Gazdiev.

He tweeted: “Russia exports 23.3 billion cubic feet per day (72% goes to Europe).

“US exports 9.6 billion cubic feet per day.

“Russian gas for Europe costs as little as $270 per 1000 cubic feet (Germany).

“US gas is sold at market prices, $1000+ per 1000 cubic feet.”

This implies that even if the US sends all of its gas exports to the EU, it wouldn’t come close to making up for the shortage created by Russia.

What makes matters worse for the EU is that it would have to pay nearly times as much for fuel as it imported gas from Russia.

DON’T MISS: 
Putin’s nuclear arsenal exposed as world on brink of war [REVEALED] 
Archaeology: Nazi U-boat wreck ‘beats Tutankhamun’ [SPOTLIGHT] 
How much could Boris Johnson net zero strategy cost you? [ANALYSIS]

This has put the EU in a sticky situation as it tries to diversify its fuel sources.

Last week, US President Joe Biden and his EU counterpart Ursula von der Leyen struck a deal to cooperate on alleviating Europe’s energy crisis by reducing its dependency on gas imported from Russia.

Their joint statement said: “The US and the EU are working jointly towards continued, sufficient, and timely supply of natural gas to the EU from diverse sources across the globe to avoid supply shocks, including those that could result from a further Russian invasion of Ukraine.”

Additional reporting by Maria Ortega.

Source: Read Full Article

Previous post After Kyle Shanahan's 49ers blow another lead, QB change leads offseason questions
Next post Stevie Nicks Thought Buffalo Springfield's 'Rock & Roll Woman' Was About Her Future as a Rock Star