One significant measure, of how fast the war in Ukraine has redrawn the energy map is the following;
The U.S. is sending more gas to Europe by ship than Russia is by pipeline, according to data firm ICIS
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U.S. ships more gas to Europe than Russia by pipeline!
Another clear indicator of how profoundly the war in Ukraine has redrawn the energy map is the following stat;
The U.S. is sending more gas to Europe by ship than Russia is by pipeline, according to data firm ICIS. pic.twitter.com/9zDaiPD61S
— The_Journalbiz (@the_journalbiz) August 5, 2022
Pipelines connecting Gazprom’s fields in West Siberia and the Yamal peninsula to the continent have been a mainstay of European energy supplies for decades!
Or to be precise, ever since negotiators discussed an unlikely deal to pipe Soviet gas to Austria in 1967. In a matter of months, they have all but dried up.
- According to IMF, Russia supplied a significant volume of fossil fuels to other European countries.
In 2021, it was the largest exporter of oil and natural gas to the European Union, and 40% of gas consumed in the EU came from Russia.
Wholesale gas prices were up 0.3% in Europe on Thursday, and have almost tripled this year