The era of cheap hydrocarbons is apparently over and European energy diversification is required in future, according to the recent sentiments of Gazprom CEO Alexei Miller.

Russia Today reports that the foreboding statement of Miller was made of late, at around the same time as the European Commission unveiled news plans to diversify its energy imports.

Such plans would ensure a reducing reliance on Russia, which currently supplies most of its oil and gas.
The commission wants the EU to develop alternative sources of energy, including a North Sea offshore grid and new infrastructure projects in the Baltic States and Mediterranean.

The Commission also reportedly wants the EU to get firm commitments from alternative gas suppliers in the Middle East and Central Asia, and new transit pipelines.

The plan came just a day after the Gazprom CEO Miller indicated the days of cheap hydrocarbon supplies were over.

Miller apparently said, “The era of cheap hydrocarbons is over. We can see that due to the disparity between supply and demand. Oil companies are under-investing in the sector. The deficit of oil which was the prognosis for the medium term, will apparently happen earlier than expected.”