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3/25, 9:48 AM (Source: TeleTrader)
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EU, US to limit EU's dependence on Russian energy

United States President Joe Biden and European Commission President Ursula von der Leyen announced on Friday a joint task force aimed at reducing the European Union's dependence on Russian energy imports. The task force's priorities will be to diversify liquefied natural gas (LNG) supplies and reduce demand for natural gas.

The US said it will ensure additional LNG volumes for the EU market of at least 15 billion cubic meters in 2022. The EU will work to ensure LNG demand until at least 2030 for approximately 50 billion cubic meters of US LNG per year. Meanwhile, the two partners predict natural gas demand could be reduced by 15.5 billion cubic meters through energy savings in homes this year, while accelerating wind and solar deployment can replace 20 billion cubic meters. The EU plans to save 170 billion cubic meters of natural gas per year by 2030.

Baha Breaking News (BBN) / DJ