Even record world gas prices have not led to an increase in the number of final investment decisions in new LNG capacities, Gazprom complains.
European countries allegedly destabilized the global LNG market and reduced global energy security. This statement was made by the Russian gas monopoly Gazprom on Tuesday, November 22.
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It is indicated that this year the global LNG industry has undergone significant changes due to increased demand in Europe, which “caused market destabilization and increased gas prices.”
“In 2022, for the first time in a long time, there was a significant European premium relative to Asian prices. Under these conditions, some suppliers breached their obligations under long-term contracts and -redirect of LNG tankers to Europe, which has caused crises in a number of countries in the Asia-Pacific region (APR)”, the message said.
At the same time, record world gas prices did not lead to an increase in the number of final investment decisions in new LNG capacities, the Russians complained.
Gazprom says the United States has not been able to quickly increase gas production from shale under favorable conditions.
“In the past five years, not a single new field with a significant amount of shale gas production has been put into development in the country. In other countries of the world, for a long time, the increase in the production of shale gas in large volume is not expected, and the volumes produced will not affect the global gas market,” Gazprom added.
Russian concern believes that the implementation of new LNG production projects is also hampered by the reluctance of buyers, especially European ones, to enter into long-term contracts. And most investors and consumers are unwilling to take risks in the face of uncertainty and volatility in the gas market.
Recall that in early September, the EU imported from the United States more than 40 billion cubic meters of gas in the form of LNG, which is almost twice as much as in the whole of last year.
It was also reported that the share of Russian gas in EU imports fell four times – up to 9%. Now the main supplier is Norway.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.