The widespread effect of sanctions on Russian commodity exports could help accelerate growth in sectors such as liquefied natural gas (LNG), causing an acceleration in the ongoing energy transition, according to a new analysis by Wood Mackenzie.
Suggesting that the precariously balanced global economy could be at risk of energy supplies being lost, the research indicates that Europe’s push for more LNG has caused spot prices to reach record levels.
Stating that it is ‘inconceivable’ that Europe will return to any meaningful dependence on Russia, Massimo Di-Odoardo, Vice President of Gas and LNG Research, Wood Mckenzie, revealed that a new trade balance may be beginning to take shape.
“While prices will be structurally higher and a ban on Russian gas will be more challenging than that of other commodities, the ‘west’ can live without Russian commodity exports,” he added.
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