According to the International Energy Agency, due to the rising prices of oil and the conflict between Russia and Ukraine, the oil demand is projected to go down by about 50 billion cubic meters. Which is half of US’s last year natural gas imports, last year that global gas consumption grew by 4.5%
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Especially since European demand has significantly fallen because of the conflict-induced political tensions, Europe is pushing to diversify its oil and natural gas supply and reduce its dependence on Russian supply. Russia had started manipulating the oil supply before it's invasion of Ukraine resulting in the decrease in European oil reserve which is 17% below its five year average. The supply crunch has driven prices up, with Asia seeing five times rise and Europe five time rise in the prices.
Russia is Europe’s largest natural gas supplier, it supplies about 33% of European oil imports. With the war going on on one side of the continent, Russia remains a supplier to Europe. Demands are expected to fall by 6% this year in Europe and grow by 3% in Asia down form previous year’s 7% growth.
“Russia’s unprovoked attack on Ukraine is above all a humanitarian disaster, but it has also triggered a major energy supply and security crisis,” said Keisuke Sadamori, the IEA Director for Energy Markets and Security.
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