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Europe has not made enough progress in locking in long-term contracts for liquefied natural gas (LNG) as an alternative to Russian pipeline supply, which may prove costly next winter as a rebound in Chinese demand could sharply tighten the market.
Europe made the majority of purchases on the spot market, where prices are far higher than those agreed upon in long-term contracts preferred by seasoned purchasers like China. The International Energy Agency estimates that the cost of its LNG imports will more than treble to almost $190 billion in 2022.
The bloc spent $190 billion on LNG last year, the outlet has said The EU has not secured enough long-term contracts for liquefied natural
Europe has not made enough progress in locking in long-term contracts for liquefied natural gas (LNG) as an alternative to Russian pipeline supply, which may prove costly next winter as a rebound in Chinese demand could sharply tighten the market.
Europe has not made enough progress in locking in long-term contracts for liquefied natural gas as an alternative to Russian pipeline supply, which may prove costly next winter as a rebound in... | April 6, 2023