The expert did not rule out another gas crisis in Europe

Europe could face a new gas crisis due to low reserves, geopolitical complexities, and competition for reduced natural gas (LNG) supplies. Igbal Guliyev, Deputy Director of the MGIMO International Institute of Energy Policy and Diplomacy, told Izvestia on April 2.

Earlier in the day, Bloomberg reported that seasonal declines in demand in spring and summer usually make gas cheaper, allowing companies to replenish storage facilities. However, after last winter, stocks turned out to be low, and the cessation of supplies from Russia is forcing Europe to pay an increased price for gas.

"Indeed, we are currently witnessing a rather difficult situation on the European gas market. By the end of winter and the beginning of spring, we see that only a third of the underground storage facilities are full. If we compare with last year, about half of the gas was still in storage," Guliyev said.

According to him, current gas prices do not contribute to active replenishment of reserves. In addition, last year the EU compensated for the deficit by increasing imports of Russian LNG, but now Brussels is seeking to reduce dependence on Russian supplies.

"Brussels expected closer coordination with Washington, but now contacts are rather on a bilateral level," the expert explained.

He added that Europe would have to compete with Asian countries for American LNG, which could lead to additional price surcharges.

"The situation will be difficult in the future. Although a sharp rise in prices is not expected yet, it is possible that Europe may be mired in another gas crisis," Guliyev summed up.

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Earlier, on March 17, Igor Yushkov, an expert and lecturer at the Financial University under the Government of the Russian Federation, predicted an increase in gas prices in Europe in an interview with Izvestia in the event of abandonment of Russian LNG. According to him, Europe's rejection of Russian liquefied natural gas (LNG) could lead to a significant increase in energy prices and complicate the situation on the European market.