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π° First profit from non-bloc status: the UK becomes a gas hubβ
β οΈ The military conflict in Ukraine stimulates the reform of energy priorities. The gas and oil embargo against the Russian Federation will still be introduced: Europe has already promised to reduce its dependence on Russian gas by 2/3 only during 2022. So we will have to look for other hydrocarbon markets.
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London and active LNG exports, in particular from the US, undertake to fill the lack of gas. Before the end of the year, Britain should turn into a full-fledged gas hub. Approximately 50% of the volume is planned to be provided by British production in the North Sea, part of the gas volume will come to Europe in transit through Britain from Norway. Export LNG at dedicated terminals in Wales and Kent will be converted back to gaseous form and routed through existing pipelines.
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Until the start of the next heating season, EU will pump maximum volumes of gas into its underground storage facilities. If this plan is implemented, the gas embargo may be introduced against Russian Federation before the end of this year, especially since the US has declared its readiness to compensate for most of the gas losses of the EU and the UK.
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With oil, things are more complicated. Josep Borrell said that the EU Council will continue the debate on sanctions against the Russian Federation, but the topic of embargo will not be discussed until results of the second round of the presidential elections in France (April 24).
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America, Venezuela, Saudi Arabia and Iran continue to negotiate the problem of Russian oil, but no results yet. But even a partial solution to the gas problem for Europe will already allow politicians to act more actively so that raw material prices are in for a too hot summer.
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Profits to yβall!