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The European Union has been working to cut back its dependence on Russian power, particularly pure gasoline. Though it sounds easy simply to search out new power suppliers, it’s truly a tricky activity. It’s about establishing the appropriate logistics, expertise and infrastructure. However, the EU has made good progress, which is in step with its long-term objectives.
Between the second quarter of 2022 and 2023, the EU considerably diminished its imports of Russian oil to 2.7 p.c from 15.9 p.c. This discount was principally offset by elevated imports from Norway, Kazakhstan, the US and Saudi Arabia. The same shift happens with pure gasoline. Norway and the USA have develop into a very powerful new sources, supplying pure gasoline and liquefied pure gasoline respectively.
Along with discovering new suppliers, the EU has additionally completed nicely to refill its gasoline shares. Earlier than winter, the bloc managed to fill greater than 90 p.c of its gasoline storage, placing it in an honest place for the approaching months whilst Russia cuts provides.