Russia’s New Actions Worry Europe
This will further disturb the global oil markets and continue to complicate the tension in that region while ratcheting up the pressure. We need to pray that oil will flow again. Click HERE for a great prayer.
From CNBC. Europe is bracing for an extended shutdown of Russian gas supplies as maintenance work begins on the Nord Stream 1 pipeline that brings gas to Germany via the Baltic Sea.
Operator Nord Stream AG confirmed the work, which is scheduled to run from Monday through to July 21, got underway as planned Monday morning. Russian gas flows via the pipeline are expected to drop to zero later in the day.
The Nord Stream 1 pipeline is Europe’s single biggest piece of gas import infrastructure, carrying around 55 billion cubic meters of the fuel per year from Russia to Germany….
Klaus Mueller, the head of Germany’s energy regulator, believes the Kremlin may continue to throttle Europe’s energy supplies beyond the scheduled end of the maintenance work….
Russia said last week that it would increase gas supplies to Europe if the turbine being serviced in Canada was returned. Kremlin spokesperson Dmitry Peskov also dismissed claims that Russia was using oil and gas to exert political pressure over Europe, Reuters reported.
‘Maximum economic warfare’
Analysts at political risk consultancy Eurasia Group said that if Putin orchestrated a total cutoff of gas supplies beyond the scheduled end of maintenance works on the Nord Stream 1 pipeline, Germany would likely be forced to move to level three of its three-stage emergency gas plan….
Henning Gloystein, director of energy, climate and resources at Eurasia Group, told CNBC that such a move would represent a “maximum economic warfare” scenario.
“Germany has become a hotspot for the entire EU,” Gloystein said. “Germany has Europe’s biggest population, it’s the biggest economy, it’s the biggest gas consumer, it’s the biggest single importer of Russian gas, and it has got nine land borders. So, whatever happens in Germany spills into the rest of Europe….”
A spokesperson for Germany’s Federal Ministry of Economics and Climate Action told CNBC last week that the government was closely monitoring the gas market situation ahead of the scheduled maintenance work.
“Security of supply is currently still guaranteed, but the situation is serious,” the spokesperson said….
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(Excerpt from CNBC. Photo Credit: Canva)
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