Joe Biden Has Agreed To Increase Us Gas Supply To Europe In Order To Minimise Europe’s Reliance On Russia

In an effort to lessen dependency on Russian supply, the United States has agreed to increase gas exports to the European Union. Joe Biden stated that the US would send at least 15 billion cubic meters (bcm) additional liquid natural gas to Europe under a pact announced on Friday. Mr. Biden and EU leaders reached an agreement at a summit in Brussels on Friday, which the US president is attending. The US also agrees to expand gas deliveries in 2023 as part of the agreement. “We want to diminish and eliminate our reliance on Russian fossil fuels.” This can only be accomplished by “increasing gas supply, including LNG deliveries,” Ms von der Leyen said at a joint press appearance with Mr. Biden in Brussels on Friday. “As Europeans, we want to diversify away from Russian suppliers and toward suppliers who we can trust, who are our friends, and who are dependable.”

“As a result, the US commitment to give at least 15 billion cubic meters of LNG to the European Union this year is a significant step in the right direction, as it will replace the LNG supply we currently receive from Russia.” “We’re joining together to minimize Europe’s reliance on Russian energy,” Trump told the same group of journalists. Putin’s savage war on Ukraine should not be subsidized.” Following Russia’s invasion of Ukraine, gas prices have soared to new highs, and some nations, such as Germany and Italy, are highly reliant on Russian supplies. The German government has already canceled a planned gas pipeline called Nordstream 2, which critics claimed would increase dependency on Vladimir Putin’s regime’s supply.

However, Russia presently contributes 40% of the EU’s gas and 25% of its oil, however, there are major variances between countries. Boris Johnson admitted at a Nato meeting on Thursday that it was simpler for some countries than others to abandon Russian hydrocarbons. On Friday, EU leaders will discuss whether to impose gradual curbs on the purchase of Russian fossil resources such as oil and coal, but gas is unlikely to be discussed. “Measures on energy right now would have a tremendous impact on our economies,” Belgian Prime Minister Alexander de Croo told reporters on the eve of the meeting. “The essential criterion is that sanctions against Russia must have a significantly higher impact than sanctions against Europe.” “We don’t go to battle against ourselves.” Meanwhile, Dutch Prime Minister Mark Rutte remarked, “Everyone wants that, but there’s nothing you can do in the short term.”

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The exports are anticipated to originate from supply formerly slated for other regions of the world, as US liquid natural gas plants are thought to be operating at full capacity. “Near-term initiatives” to bolster European LNG imports, according to Goldman Sachs analysts, will “rely on the reallocation of existing supplies.” They went on to say that “such a relocation to Europe is already happening” because EU gas prices have been among the highest in the world in recent months.

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