Australia ready to fill European gas shortage should Russia cut off supply amid concern of war in Ukraine
Australia will seek to fill any supply shortfalls or gaps within the European gas market should Russia threaten to hold off supply due to tensions with Ukraine.
Europe relies on Russia to supply about 40 per cent of its natural gas, with Germany’s numbers suggesting more dependence. This is leading to high concerns should the gas tap be turned off.
The United States has claimed it is in talks with Qatar to fill the gap, however Australia is more than willing to assist, as the largest LNG exporter globally.
Australia is one of the most reliable suppliers of LNG and any shortfall that may occur Australia will seek to fill it.
“We will of course continue to meet our existing contracts, but where there’s a shortfall Australia will always look to support our friends,” said the Resources Minister Keith Pitt.
While there is a reliance on Russia from Europe, it is well known that natural gas and oil are Russia’s two most important exports which would only see any deliberate supply shortage, damage its own economy.
“This is a one-dimensional economy, and that means it needs oil and gas revenues at least as much as Europe needs its energy supply,” the senior administration official told reporters.