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Highlights
- As tension continues to rise between Europe and Russia over the Ukraine standoff, concerns are growing over the potential impact on energy supply.
- British PM Boris Johnson said the UK is working closely with President Joe Biden and other colleagues to see what they can do to increase gas supply.
- Low supplies have pushed the gas prices to record high for the European Union’s 447 million citizens. Europe has been primarily dependent on Russian gas.
Australia has decided to offer more liquified natural gas (LNG) to Europe in a recent event. This comes after the US and the UK raised concerns about the continent’s dependence on Russia.
Since last year, Europe has been facing an energy crisis after the restrictions on Covid-19 were lifted, resulting in huge demand for natural gas. As tension continues to rise between Europe and Russia over the Ukraine standoff, concerns are growing over the potential impact on energy supply.
Keith Pitt, the Australian Resources Minister, said the country would be ready to assist with any request for additional supplies by being a leading and reliable global exporter of LNG. He also said that this would show how critical Australian resources are to energy supplies worldwide.
While as Boris Johnson, the British PM, said, one of the biggest issues they are facing is crafting a strong sanctions package against Russia: their heavy dependence on Russian gas. The UK has been stronger to resist the Russian gas blackmail.
He also said that they must be respectful of this, but at the same time, this also remains a fact that 3% of the UK’s gas supplies come from Russia while 36% of German energy needs come from Russian gas.
Johnson also said that they have been working closely with President Biden and other colleagues to see what they can do to increase gas supply.
Santos and Woodside, considered the biggest Australian LNG exporters, have declined to comment. The Australian Petroleum Production & Exploration Association said it had not had any conversations with the federal government about the potential for LNG supplies for Europe.
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Europe’s desperation for gas?
Low supplies have pushed the prices to record high for the European Union’s 447 million citizens. Europe has been primarily dependent on Russia to provide gas.
These gas pipelines pass through Ukraine. Any interruption to gas imports from Russia would severely affect Europe.
