• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 6 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days e-truck insanity
  • 8 days China deletes leaked stats showing plunging birth rate for 2023
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming

Breaking News:

Crude, Gasoline Build Weigh on Oil Prices

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

World Bank: There Will Be Alternatives To Russian Gas In Five Years

  • Analysts: In the short term, replacing Russian gas is nearly impossible.
  • World Bank President David Malpass: There will be alternatives to Russian natural gas supply in the five-year horizon.

There will be alternatives to Russian natural gas supply in the five-year horizon, World Bank President David Malpass told CBS in an interview aired on Sunday.

"Markets look forward so they can look at the five-year time horizon and realize that there's a lot of energy available if it's mobilized, there are alternatives to the Russian dominance of the gas market, for example," Malpass said on the on 'Face the Nation' program.

"And so whether those changes are made will be important," the World Bank's head said.

In the short term, replacing Russian gas is nearly impossible, say analysts and one of the world's largest liquefied natural gas exporters, Qatar.

Yet, with the Russian invasion, and even before that, the high dependence of Europe on Russian pipeline gas was a source of concern in Europe, and countries were looking to buy more liquefied natural gas (LNG) to secure this winter's supply in light of decade-low gas volumes in storage and Russian pipeline deliveries not going above the contractual obligations.

"Right in the short run, there is upward pressure, including on LNG liquefied natural gas that the U.S. ships to Europe and Europe will need a lot more, but it's available," the World Bank's Malpass told CBS.

Just before Putin launched an attack on Ukraine last week, Qatar said it could divert only 10-15 percent of its LNG cargo contracts to other destinations right now. Replacing Russian gas deliveries to Europe in the short term is "almost impossible," Qatari Energy Minister Saad al-Kaabi said two days before the Russian invasion of Ukraine.

"Most of the LNG are tied to long-term contracts and destinations that are very clear. So, to replace that sum of volume that quickly is almost impossible," the minister noted.

While the European Union and the United States are trying to avoid hitting Europe's energy supply and raising American gasoline prices even higher with sanctions, Germany, for example, made a major U-turn in its energy policy on Sunday. Germany will support the construction of two LNG import terminals and is not leaving any energy source – not even coal or nuclear – off the table as it will now look to cut energy dependence on one supplier.  


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News