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HomeLatest NewsBloomberg: Europe losses due to Russian gas refusal reached $1 trillion KXan...

Bloomberg: Europe losses due to Russian gas refusal reached $1 trillion KXan 36 Daily News

Date: May 31, 2023 Time: 00:40:08

As the agency points out, the disappointing figure is due to a jump in electricity prices for European companies and the population. However, according to experts, this is only the beginning of a powerful energy crisis that has swept across Europe in recent decades. Bloomberg explains that at the end of winter, gas storage facilities faced a shortage of energy resources and it will be difficult to replenish them to the required volumes when Russia’s blue fuel supplies are negligible.

The agency believes that the period of crisis in the European energy sector will last until at least 2026. Then, according to analysts, Qatar and the United States will be able to stabilize the extraction of fossil fuels. “The EU’s race to replenish natural gas reserves has already begun,” Bjarne Schildrop, an analyst at Skandinaviska Enskilda Banken (SEB), was quoted as saying by Bloomberg. The expert also points out that the favorable position for sellers of blue fuel will last for about a year, if not longer.

In addition, Bloomberg experts argue that in the event of another jump in gas prices in the EU to 210 euros per MWh, European countries will not be threatened by a recession, but by an economic downturn.

Recall that earlier EU energy ministers met in Brussels to agree on a maximum price for Russian blue fuel. European officials failed to reach a consensus on the issue and the discussion was postponed until December 19.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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