As the Financial Times has just revealed, the #G7 group of the world’s richest countries will decide at its upcoming meeting to ban the import of Russian gas through the pipelines used so far.
The embargo on Russian gas has already been in effect since February this year, but some European countries are apparently worried that someone might break out in the future. Will the expected G7 decision shake up the energy market and global supply chains? So far, there is no indication of that. The expected decision by the G7 (the US, Canada, Germany, Japan, France, the UK, and Italy) is expected to be announced at a summit in Hiroshima this Friday, May 19. There is also talk behind the scenes that it is also expected to encourage investors to invest in LNG facilities. Energy market experts reassure that the G7 decision will not significantly affect global gas prices. European economies have built up significant stocks, in addition to mobilizing larger supplies from Norway and North Africa.
Few also remember that after the outbreak of war in Ukraine, imports of liquefied natural gas (LNG) increased significantly. It is imported to Europe from the United States as well as Qatar and Nigeria. Liquefied gas is free of carbon dioxide and is considered a fully environmentally friendly fuel. It is used for truck drives in international transport, especially in Germany. LNG-powered engines also emit less noise than standard high-powered diesel engines.