Supply-side options are increasingly limited for European nations
LNG’s prospects and future in the spotlight
High spot gas prices and European concerns over security of supply might spark renewed interest in long-term LNG contracts, International Energy Week participants suggest
Russia’s invasion of Ukraine has brought the issue of Europe’s gas supply to the fore, particularly the continent’s dependence on Russian pipeline flows. Almost all of Europe's regasification capacity was near fully utilised in January this year, meaning there is little or no room to ramp up LNG shipments as an alternative to Russian supply. On the supply-side too, there is little additional export capacity available to send out extra cargoes. Furthermore, around 40-50mn m³/d of Russian gas transits Ukraine, which might also be under threat. Europe’s gas inventories are also already relatively low for the time of year, as strong competition with Asian buyers in 2021 limited the volumes avail
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