Europe relies heavily on Russian gas
IEA underestimating Russian contractual expiry – Energy Aspects
Consultancy warns volumes that will go unrenewed this year are greater than Ten Point Plan assumes
A significantly greater scale of long-term Russian gas supply contracts will expire in 2022 compared with the calculations included by the IEA in its Ten Point Plan to reduce the EU’s reliance on its eastern neighbour, consultancy Energy Aspects cautions. The Paris-based agency suggests that import contracts with state-controlled Gazprom totalling more than 15bn m³/yr are set to expire by the end of 2022—equating to c.12pc of the firm’s 2021 EU deliveries—as part of close to 40bn m³/yr of agreements due to expire by the end of the decade. One of the IEA’s ten points is that these contracts should not be renewed. “We think it will be very difficult to renew these contracts given the current p
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
