Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Russia close to using natural gas as weapon in Europe's gas crunch - Biden energy adviser

CommoditiesOct 25, 2021 11:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A general view of the liquefied natural gas plant operated by Sakhalin Energy at Prigorodnoye on the Pacific island of Sakhalin, Russia July 15, 2021. REUTERS/Vladimir Soldatkin

By Timothy Gardner

WASHINGTON (Reuters) -U.S. President Joe Biden's global energy security adviser said on Monday that Russian President Vladimir Putin is getting close to using natural gas as a political tool if Russia is holding back fuel exports to Europe as it suffers an energy crunch.

"I think we are getting close to that line if Russia indeed has the gas to supply and it chooses not to, and it will only do so if Europe accedes to other demands that are completely unrelated," Amos Hochstein, Biden's adviser, told reporters, when asked if Putin was using gas as a weapon.

Hochstein said gas prices in Europe have been driven higher not just by events in the region but also by a dry season in China that has reduced energy output from hydropower and increased global competition for natural gas.

Still, while several factors have led to the European gas crisis, Russia is best placed to come to the aid of Europe, he said.

"There is no doubt in my mind, and the (International Energy Agency) has itself validated, that the only supplier that can really make a big difference for European energy security at the moment for this winter is Russia," Hochstein said. Russia can increase upstream production of gas, and should do it quickly through existing pipelines, he said.

Putin has rejected suggestions that Moscow was squeezing supplies for political motives, saying it will increase flow as much as partners ask.

Putin has blamed record high prices on the EU's energy policy and said Russia can boost supplies to Europe once its Nord Stream 2 gas pipeline gets approved.

Yuriy Vitrenko, the head of Ukraine's state energy company Naftogaz, this month said Russia was trying to blackmail Europe into certifying its Nord Stream 2 gas pipeline by keeping fuel supplies low. The pipeline, which Washington opposes because it would circumvent Ukraine, is finished but needs approvals from Germany to start delivering Russian gas under the Baltic Sea to Europe.

Approvals from Germany and the European Commission for Nord Stream 2 will likely take until March, so if Russia says it can quickly boost gas flow through Nord Stream 2, it should be able to do so now through existing pipelines, Hochstein said.

"You can't have it both ways," Hochstein said

Russia close to using natural gas as weapon in Europe's gas crunch - Biden energy adviser
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Val Lange
Val Lange Oct 25, 2021 2:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tic Tak
Lionel Jarlet
Lionel Jarlet Oct 25, 2021 1:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US imposed sanctions on all companies building nordstream 2 under trump. and now this hochstein bozo blames Russia. lift the sanctions and mind your own business
Mike Johnson
Mike Johnson Oct 25, 2021 12:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
B S ,, IF AMERICA WAS worried about Europe they would be producing more gas instead ,, they are not ,, EUROPE needs to sign long term deals and stop betting on spot prices ,,,
Felipe Daniel
Felipe Daniel Oct 25, 2021 12:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thanks to Biden anti energy policies. When Trump was president America was energy independent but after Biden America is now begging OPEC to produce more oil.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email