The U.S president also revealed that the commission will work with EU countries to enable them receive about 50 bcm of additional LNG until at least 2030. Although the figures by the U.S is not exactly clear whether it was referring to add this to the already existing amounts from last year’s 22 bcm of U.S. exports to the European Union, this remains a welcomed update for the EU who have depended on Russian gas for the longest.
Investors King also gathered that the European Union has stepped up its efforts to secure more LNG after talks with a number of supplier countries continued following Russia’s invasion of Ukraine.
A number of countries are individually doubling efforts in reducing their dependency on Russian oil. Germany is one country that has made significant progress in reducing its importation of Russian gas, oil and coal.
According to a report by Germany’s Economy Minister, Robert Habeck, importation of Russian oil now accounts for 25% of German imports which is a record down from 35%, with gas imports cut to 40% from 55% and Russian coal imports cut to 25% from 50% before the invasion.
Since the start of the war between Russia and Ukraine, Russia has leveraged its fossil fuels as a weapon to frustrate the global oil market after receiving a number of sanctions from world leaders.
