| Información |  | |
Derechos | Equipo Nizkor
| ||
| Información | | |
Derechos | Equipo Nizkor
| ||
01Nov22
Why Capping Russian Gas Price Won't Stop EU's Economic Slide
Qatar has denounced the EU's proposal to set a price cap for natural gas as "hypocritical." The European Commission is seeking to take the measure as soon as this winter in an effort to curb gas prices driven by the energy embargo imposed by the US and its NATO allies on Russia.
"The EU's energy policies are muddled," said Dr. Mamdouh G. Salameh, an international oil economist and a global energy expert. "They are torn between their energy needs and their green policies. The EU's proposed policies of capping the price of Russian gas exports and banning these exports aren't only doomed to fail miserably, but they are bound to cause shortages in the global gas market and a further staggering rise in gas prices."
"Moreover, the concept of capping prices is simply a cartel-like manipulation of the market and the free movements of prices at a time when the United States has been accusing OPEC+ falsely of manipulating the oil prices and supply in the global oil market," the energy expert continued.
Qatar's Energy Minister Saad al-Kaabi on October 30 warned the EU against resorting to the price cap initiative while speaking to a US broadcaster. According to al-Kaabi, interfering in markets clearly contradicts the free market rules that Europe has previously applied to producers.
"The free market is always the best solution," highlighted al-Kaabi, who is also CEO of Qatar Energy, the world's biggest liquefied natural gas-producing company.
The Qatari energy minister explained that the price capping initiative could reduce incentives to invest in natural gas production. What's worse, it could deprive some buyers of energy supplies, he pointed out, explaining that by "offering just one cent," other gas importing countries could persuade LNG producers to sell gas to them rather than to Europe. According to al-Kaabi, Europe should not take additional risks, given that it is already facing a lot of trouble until at least 2025 if winters are harsh and Russian natural gas flows don't return to previous levels.
[Source: By Ekaterina Blinova, Sputnik, Moscú, 01nov22]
Radio Nizkor
 | This document has been published on 02Nov22 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. |