Throughout the entire Cold War and in the decades since, Russia was a stable supplier of gas to Europe. That changed this week.
Russia slashed gas supplies in apparent retaliation over Europe’s support for Kyiv. After its biggest moves yet to use energy as a weapon, gas rationing in the region is now a very real prospect.
Germany’s Uniper SE, the biggest buyer of Russian gas in Europe, is receiving 60% less gas than ordered. Italy’s Eni SpA received just half of its requested volumes from state-owned Gazprom PJSC on Friday, and France’s Engie SA and Austria’s OMV AG have been hit as well. China, the world’s top importer of LNG in 2021, has cut back spot purchases this year after COVID-19 restrictions sapped demand. But usage is likely to bounce back this winter, pitting China against Europe for a dwindling amount of spare LNG. Repairs to a key Texas export terminal will further hamper supply.
“Everything depends on the EU gas-sharing mechanism between countries, and regulatory decisions on how to share available gas within countries,” Jonathan Stern, a distinguished research fellow at the Oxford Institute for Energy Studies. “An early cold, windless winter would create early problems.”
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