MOSCOW (Pakistan Point News / Sputnik - 15th September, 2022) The US shale hydrocarbon industry will not be able to boost oil and gas supply to the European Union despite a possible energy crisis looming in winter amid dwindling imports from Russian and anticipated price surge, the Financial Times newspaper reported, citing chiefs of the US extraction sector.
"It's not like the US can pump a bunch more. Our production is what it is. There's no bailout coming. Not on the oil side, not on the gas side," Wil VanLoh, founder and CEO of Texas-based energy company Quantum Energy Partners, was quoted as saying by the newspaper.
Scott Sheffield, chief executive of Pioneer Natural Resources, said that US energy producers are not planning to expand the manufacture capacity by increasing the number of drilling rigs as crude prices may rise above $120 a barrel in winter amid limited energy supplies, according to the report.
"Modest" supply increases would "not move things at a world scale," Matt Gallagher, head of private driller Greenlake Energy Ventures, said, adding that "it can be dangerous if we think that this cheap energy can grow - especially on the oil side - forever," as quoted by the newspaper.
Since 2021, energy prices in Europe have been rising rapidly following a global trend. After Russia launched a military operation in Ukraine and Brussels imposed several sanctions packages against Moscow, the energy situation deteriorated considerably, prompting European countries to search alternatives to Russian energy supplies.
The bloc has already approved seven packages of sanctions against Moscow, including gradual phase-out of Russian oil. The Ukraine crisis and sanctions have resulted in disruptions of supply chains and a spike in energy prices worldwide.
