Russia has lost the European oil and gas market forever and will face decreasing energy production, International Energy Agency (IEA) head Fatih Birol said on Friday
ROME (Pakistan Point News / Sputnik - 21st October, 2022) Russia has lost the European oil and gas market forever and will face decreasing energy production, International Energy Agency (IEA) head Fatih Birol said on Friday.
Birol told Italian broadcaster Rainews that despite high gas and oil prices, Russia was suffering big losses due to decreasing energy export to Europe, its biggest energy market and a very important and reliable client.
The IEA chief noted that to develop its oil and gas fields, Russia needed Western technologies and investments and lack thereof would result in decreasing levels of energy production.
After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the West, energy prices have dramatically grown in Europe, placing energy security high both on the global and national agenda. At the same time, amid sanctions the EU has been looking for alternatives to Russian natural gas as it has pledged to end its dependence on energy supplies from Russia. EU countries are also discussing introduction of price cap on gas supplies from Russia.
