As the tensions on Ukraine’s border with Russia ratchet up they are increasing the prospect of severe energy shortages in Europe that could spill over into a global surge in already-high energy prices.Europe is heavily dependent on Russia for its oil and gas.The oil prices is at seven-year highs, above $US87 a barrel, as OPEC and its associates struggle to recover the output they cut in response to the outbreak of the pandemic in 2020.
There was a Russian influence on Europe’s gas shortages last year. The effects of a dearth of wind in the North Sea that reduced supply from offshore wind farms and low storage levels were exacerbated by reduced supply from Russia, the source of about 40 per cent of Europe’s gas.
Europe’s reliance on Russian oil and gas gives the Russians a bargaining chip to try to keep Europe on the sidelines and to create division within Europe. The US has lifted exports of LNG to Europe and is encouraging LNG exporters like Qatar to boost supply to Europe and China, awash with gas after last year’s binge, is offering spot LNG cargos.
US shale oil and gas production is already responding to the higher prices – it has displaced Australia as the world’s biggest LNG exporter – and a sector with in-built flexibility will inevitably respond further if the current prices are sustained.
Fake indignation from the west. The double dealing has been done
The US are stirring the pot in like they did in the middle east.
'Russia’s Ukraine ambitions' - 😅 On par with 'Australia's China ambitions'. Your reporting is a lame. Anyone with enough interest in the matter to look into backgrounds and developments must inevitably come to the conclusion that SMH is a run-of-the-mill propaganda rag.
If Ukraine falls to the US led NATO, Moscow will have US troops stationed a mere 6 hour drive away. Putin has good reason to defend Russia and is no fool.
Jesus, talking points straight from the US State Dept.
What is US Ukraine ambitions?.. considering they backed the overthrow of its elected government & sent weapons..