Jack McEvoy on November 8, 2022
Energy-starved Europe has stockpiled natural gas to mitigate its energy shortages, meaning that developing nations will have far less fuel in the long run which could result in power outages and societal unrest that last past 2030, according to Bloomberg.
European countries bought huge supplies of natural gas after Russia disrupted gas deliveries through the Nord Stream 1 pipeline, creating shortages and hiking prices, Bloomberg reported. Europe’s desperate purchases have depleted the global market’s fuel supplies which have rendered India, Pakistan and other South Asian nations unable to secure enough gas to address fuel shortages amid skyrocketing prices.
“Energy security concerns in Europe are driving energy poverty in the emerging world,” Saul Kavonic, an energy analyst at Credit Suisse Group AG, told Bloomberg. “Europe is sucking gas away from other countries whatever the cost.”
Fuel traders in South Asia canceled scheduled deliveries in favor of supplying the European market due to record-high natural gas prices, Bloomberg reported. Although Europe has sufficiently filled its gas storages to survive the winter, countries in South Asia have been unable to secure similar gas supplies in time for the colder months, according to Bloomberg.
Poorer nations are also being forced to choose between buying fuel and making debt payments due to the strong U.S. dollar and a looming economic recession, the outlet reported.
Europe’s demand for natural gas is expected to grow by nearly 60% through 2026, according to Bloomberg. Countries like Germany and Italy are also hurriedly constructing of floating liquefied natural gas import terminals to import even more gas.
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