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EU Dependent on Russian Gas for 'Foreseeable Future', Warns IEA

Posted December 01, 2014

Under Economic Issues, International Trade Issues

(James Crisp – )

The European Union will remain dependent on Russian pipeline gas imports for the “foreseeable future”, the International Energy Agency (IEA) has warned.

As domestic fossil fuel production continues to decline fast, especially in Denmark and the Netherlands, gas imports are expected to increase between 2020 and 2030, according to the IEA’s 2014 review of EU energy policy.

Liquefied natural gas imports to the EU, vital to diversify supply, hit a record low in 2014, half of 2010 levels. Supplies are being re-exported to Asia, leaving the EU with about 70% of spare capacity, the IEA said. U.S. LNG supplies for the medium term had already been sold to Asian markets, which had pushed up import prices. Read more here.