Russia has lost the European gas and oil market forever – Tatcentr.ru
Fatih Birol is confident that gas and oil production in Russia will decline in the future due to lack of investment.
Head of a professional energy agency (IEA) Fatih Birol on the air of the Italian TV channel Ranews24 said that Russia has lost the European oil and gas market forever. He also predicted a drop in income in the Russian Federation in the future due to a lack of technology and investment.
“Russia is consuming large volumes of waste due to falling prices in Europe despite high gas and oil prices. Europe is the largest energy market for Russia, a very important and reliable client. Russia has lost this client, and lost him for sure forever, ”he said.
According to the head of the IEA, Europe accounts for three-quarters of gas exports from Russia and 55% of oil. At the same time, according to Birol, Russia will inevitably have 10 years to offer gas in China.
He also noted that gas and oil reserves in Russia are difficult in terms of development and consumption in technology and investments. According to the forecasts of the head of the IEA, due to their lack of gas and oil production in Russia will fall in the future.
“Today I can say that Russia is losing the energy battle and for Russia this is just the beginning,” Birol believes.