EU’s Reliance on Russian and U.S. Energy Faces Challenges
Removing Russian energy from the equation is unlikely to significantly affect the EU’s energy landscape, as the bloc spent only €23 billion on oil, gas, and nuclear imports from Moscow last year. Reports 24brussels.
In comparison, the U.S. exported $166 billion in oil and gas abroad in the same timeframe, presenting a challenge as it would need to redirect all exports to the EU and beyond. “That’s just never going to happen,” stated Page, emphasizing that U.S. LNG exports typically target the highest bidders globally rather than being confined to specific regions.
The EU currently sources 12 percent of its oil and fuel from the U.S., according to Homayoun Falakshahi, head of crude analysis at Kpler. This figure could rise to 14 percent, constrained by the capacity of EU refineries to process America’s specific oil blend. “It really is a fantasy,” he commented on the feasibility of such an increase.
A senior Commission official noted that any potential deal would depend on certain “circumstances,” including the adequacy of LNG infrastructure in Europe and shipping capacity in the U.S.
However, the official insisted that the figures being discussed are grounded in a comprehensive analysis of the EU’s energy needs, further highlighting the complexities of energy procurement.
Brussels also faces the added challenge of facilitating these purchases, as its role does not extend to directly acquiring cargoes.
