Viewpoint: Europe Must Still Prepare for the Worst

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An air of complacency has gripped Europe as the region appears to have dodged a bullet this winter. The continent did not experience catastrophic blackouts or acute gas supply shortages as feared as a combination of mild weather, weak Chinese LNG buying and shrinking demand for gas made up for a steep reduction in Russian piped gas imports. But it’s important to remember that Europe was extremely lucky, and the crisis is far from over as the underlying global supply picture remains tight for years. The EU is still leaving a lot of variables to chance. The energy industry cannot allow politicians to pat themselves on the back for a job well done when few meaningful structural solutions have been implemented.

Gas Supply, LNG Supply, Ukraine Crisis
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