IEA urges Russia to supply more gas to Europe

16 LONDON, (CNN Business)–The International Energy Agency has called on Russia to increase natural gas supplies to Europe to help mitigate rising energy prices.

The Paris-based agency indicated that Russia is fulfilling its long-term contractual obligations with European customers, but that its exports are low compared to 2019 levels. Russia is the largest supplier of natural gas to Europe.

The agency added in a press statement that it believes that Russia may be able to do more in terms of increasing the gas available to Europe and ensuring that the stockpile reaches sufficient levels in the heating season next winter. “It is also an opportunity for Russia to enhance its reliability in the European market.”

Founded in 1974, the International Energy Agency is keen to monitor the market and transition to more sustainable energy sources.

Gas prices rose significantly in Europe due to the decline in inventories, the recovery of demand from Asia in particular, and the low supplies of Russia. Other factors include a particularly cold winter and a long heating season in Europe last year, as well as a decline in wind energy production in recent weeks, the agency said. The rise in gas, coal and carbon prices in Europe has pushed electricity prices to their highest levels in more than ten years.

Fatih Birol, director of the International Energy Agency, said that the assumption of high gas prices on the transition to clean energy is inaccurate and misleading.

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Source :” trends


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