Major gas deal on hand: ‘The United States will provide Europe with 15 billion cubic meters this year’ Financial matters

Major gas deal on hand: 'The United States will provide Europe with 15 billion cubic meters this year' Financial matters

According to opposition sources, “Financial Times”, the Americans are presenting the final details of this plan in Brussels.

Europe consumes more than 400 billion cubic meters of gas annually and imports 350 billion, of which 45 percent is from Russia. Europe wants to reduce its dependence on Russian gas by two thirds this year, and then gradually get rid of it. A total of 50 billion cubic meters of gas will then be replaced.

US President Joe Biden and European Commission President Ursula von der Leyen are expected to announce the deal on Friday morning. By way of comparison: Dutch offshore gas fields could supply 6 billion cubic meters of gas in the short term. This is roughly how much Holland now buys from Russia.

European member states do not dare to phase out Russian gas too quickly. Eastern European countries in particular will be hit hard. German Chancellor Olaf Schulz has warned against an immediate ban on all fossil fuels, which could lead to a recession in Europe’s largest economy.

Therefore, Germany is committed to a sharp gas cut for this year, as part of the sanctions.

In addition to consultations on LNG supplies to the United States, Europe is also consulting with representatives in Qatar and Egypt.

The deal with the Americans is great: a large part of the LNG export has already been booked in the United States, especially for countries in Asia.

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