RISING geopolitical tensions, sanctions and trade wars are giving a powerful impetus to the transformation of the global energy market, Russian Deputy Prime Minister Alexander Novak said on Wednesday.
“It is important to note that we all see this: the growth of geopolitical tensions, sanctions pressure, trade wars — all this increases the risks of energy supply, in addition to what I said from an investment point of view, this is a powerful impetus for the transformation of the global energy market,” Novak said at the Russian Energy Week.
Gas supplies to Europe from Russia have halved, while Russia occupies about 19 per cent of the EU market, Novak said.
“Today, we have actually seen a decrease in gas supplies. While Russian gas previously accounted for approximately 44 per cent of Europe’s energy balance, today it remains at approximately 19 per cent of total imports. That is a halving. Nevertheless, Russian gas supplies are continuing,” Novak said.
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