Dr Carole Nakhle, CEO of Crystol Energy, is quoted in this Al Khaleej 365 article on the dynamics of the gas relationship between Europe and Russia.
According to Dr Nakhle, neither Europe nor Russia will benefit from restricted gas supplies, at least not in the short term. Europe will suffer from higher gas prices that will further fuel inflation. Europe simply cannot replace all of the Russian gas volumes and surely not overnight. Russia will lose its most valuable gas export revenues.
Over time, the market will clear. Higher gas prices have already attracted supplies primarily from the US, Norway, North Africa and Qatar. It just takes time.
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