The meetings, held in the United States, followed a promise made by President Biden to the European Union that US LNG producers would supply at least 15 billion cubic meters of liquefied natural gas to the EU this year more than previously planned. House. newsletter from the end of March. In terms of framework, Russia exported more than 59 billion cubic meters of gas to Germany alone last year, a record high. “The European Commission will work with EU Member States to ensure that by at least 2030, demand for approximately 50 bcm / year of additional US LNG is in line with our common net targets. “They reflect the long-term fundamentals of the market and the stability of supply and demand,” the statement said. According to a Reuters report, energy executives from Latvia, Estonia, Germany, France, Bulgaria, Hungary and the United Kingdom met with industry executives in Texas. These include the top executives of Chesapeake Energy, Coterra Energy, EOG Resources and EQT Corp. “The situation in Europe is so precarious. All of these countries that depend on Russian gas are committed to abandoning it, in some cases completely,” said Fred Hutchinson, chief executive of the LNG Allies. The executive admitted that the construction of a new LNG capacity will take years and there will not be much new LNG export capacity until around 2025. “The capacity challenges in 2022 are great, but the opportunities in a few years are really tremendous,” he said. The problem for the EU is that it is trying to reduce its dependence on Russian gas right now, within a year. It seems that the US LNG capacity will not be enough to help it. By Irina Slav for Oilprice.com More top readings from Oilprice.com:
