According to the German business newspaper Handelsblatt, Europe is sparking an energy crisis in the countries of the Third World as it searches for alternatives to Russian LNG.
Competition in the LGN market has increased since Europe pledged to replace Russian gas, Handelsblatt reported. In this light, the Third World nations are now facing problems as their energy companies simply cannot buy gas at higher prices.
Steve Hill, the executive vice president for Shell Energy, says Europe is provoking an energy crisis in developing countries by pumping out gas from the rest of the world. Asia’s LNG market is already in dire straits. Earlier, Bangladesh slammed the European Union for promising LNG producers to buy gas at higher prices as it deprived millions of people in developing countries of gas.
For years, suppliers have been selling LNG to countries willing to pay more. Asian countries used to be the main importers of LNG as prices there were higher than in Europe. Yet, the situation has reversed, with the cost of LNG in Europe now surpassing that in Asia.
Europe may repeat crisis of 2008
Throughout its history, the European economy has come across numerous crises. The current situation faintly resembles the financial crisis of 2008. However, its magnitude is likely to exceed the then financial collapse.In 2008, the catastrophe began with the housing market bubble. In this case, the key reason lies in the halt of Russian gas supplies.
08:34 2022-10-05 UTC+00
US at rising risk of recession
While the US government continues to struggle with worsening inflation, its economy is increasingly at risk of falling into a serious recession.According to recent studies, most analysts expect the United States to face another large-scale economic crisis.
14:48 2022-10-04 UTC+00
Oil shortage to cause food crisis
Following the energy crisis, the world may face a food crisis. Notably, the reason for both crises is the same – the ban on Russian oil imports. Analysts warn that the boycott of Russian oil could trigger a food crisis in many European and other states.The Times has recently unveiled a gloomy forecast of the Bank for International Settlements (BIS).
14:32 2022-10-04 UTC+00
Joe Biden calls on oil firms to bring down prices
In an attempt to tackle surging gasoline prices in the country, US President Joe Biden decided to ignore the basic laws of economics and demanded that oil companies reduce their selling prices.
14:14 2022-10-04 UTC+00
Fed statements affect global economy
The US Federal Reserve System proved to be the world's most influential financial regulator. Its influence is so powerful that just one statement is enough for global economic shifts, even without the use of any financial instruments. CNBC analysts confirm that Fed’s statements have such a far-reaching effect.
14:04 2022-10-04 UTC+00
Fed raises rates once again to combat inflation
The US Federal Reserve has raised its benchmark interest rate for the third consecutive time and is expected to do the same by the end of the year. This measure is supposed to help reduce global prices of oil, gas, and metals as well as other goods. The thing is that commodities are denominated in US dollars and most international settlements in the commodities markets are carried out in USD.
13:31 2022-10-04 UTC+00