Europe points to gas and the Petroleum of the Gulf countries as an alternative to Russian hydrocarbons after Russia’s military escalation in Ukraine, but although the option is attractive, it is not simple or safe.
The price of a barrel of crude oil was above the 100 dollars for the first time in more than seven years after the start of Russian military operations in Ukraine.
And it is that the European Union (EU) depends on 40% of Russian gas and imports from Russia about 2.3 million barrels of oil per day. Specialists warn that this scenario forces the bloc to look towards Saudi Arabia, where there is plenty of oil, and Qatar, which has significant gas reserves.
Close to the United States and the EU, Saudi Arabia and Qatar “face significant demand for their exports” of hydrocarbons, Karen Young, director of the program on economics and energy at the Middle East Institute, based in Washington, tells AFP.
But increasing oil production and transporting new amounts of liquefied natural gas (LNG) is not “so simple”.
Both countries are not prepared to become a “superhero in the event that Russian gas and oil stop reaching Europe,” says the researcher, who emphasizes that investments are not going fast.
“There are ongoing negotiations” to redirect planned gas deliveries for Asian markets to Europe if necessary, a Qatari official told AFP in late January.
Some major oil importers have called on the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase production, putting pressure on Saudi Arabia in particular.
With information from AFP
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Source: Larepublica
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