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The worst is ahead because you can’t fix stupid

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To reduce their dependence on low-cost reliable Russian gas and oil the Western Alliance banned Russian imports. Their place was taken by LNG (Liquified gas) mostly from the United States.

In Austria spoke about the problem threatening Europe: Former Austrian Foreign Minister Kneisl: Europe will face the worst if the US bans LNG exports.

Importers in the EU will face great difficulties if the US bans the export of liquefied natural gas, former Austrian Foreign Minister Karin Kneissl tweeted .

‘The shale boom was based, in part, on low-interest rates. A loan designed for a steady flow of money. If the US bans LNG exports to keep prices low, then all these newfangled EU importers will have to make very tough decisions. In the absence of common sense, the worst for Brussels is yet to come,’ the former minister said.

Earlier, Bloomberg reported that US producers will not be able to accelerate oil production to the level necessary to compensate for the cut in OPEC+ production.

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In May 2020, OPEC+ reduced production by 9.7 million barrels per day due to falling oil demand amid the coronavirus pandemic, and then repeatedly adjusted these quotas. In August 2022, they were almost completely cancelled, but since November, the alliance has again reduced production by two million barrels.

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