Ben van Beurden, the CEO of the worldwide oil and gas corporation Royal Dutch Shell, stated that due to the drop in Russian gas supply, European nations may experience a gas shortage for several winters.
It is highly possible that we will have a few winters when we will have to find answers, he said during a press conference in Norway on Monday.
In terms of the global oil market, Bearden stated that there is an excess of demand over supply that will last for some time.
Earlier, French President Emmanuel Macron emphasised the importance of strengthening European energy sovereignty and reforming the European Union’s energy market.
Russia has demonstrated its trustworthiness as a gas provider over the years, and in 2021 Russia shipped over 155 billion cubic metres of gas to European nations, accounting for almost 35% of its requirement, but supplies fell this year as a result of Western sanctions placed on Moscow.
Shell anticipates a long-term energy catastrophe in Europe.
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