IEA: Russia may shut off all gas supplies; Europe must respond quickly
Date
6/27/2022 2:52:13 PM
(MENAFN) Russia may shut off all gas supplies to Europe in order to increase its Political influence during the Ukraine conflict, according to the chairman of the International energy Agency (IEA), who added that Europe should prepare immediately.
Fatih Birol, IEA Executive Director, stated in a released announcement, “I wouldn’t rule out Russia continuing to find different issues here and there and continuing to find excuses to further reduce gas deliveries to Europe – and maybe even cut it off completely.”
“This is the reason Europe needs contingency plans,” Birol went on to imply that the current drop in flows might be an attempt to acquire political clout ahead of the high-demand winter months.
According to him, the IEA does not consider a full cut-off as the most likely option.
The European Union has sanctioned Russian oil and coal, but has refrained from blocking gas imports due to its reliance on Moscow.
In terms of overall energy investment for 2022, the IEA reported in a study that $2.4 trillion will be invested in the industry this year, including record expenditure on renewables. However, it acknowledged that this fell short of closing a supply shortfall and addressing climate change.
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