Temporary Cut In Oil Supply Through Belarus Sends Gas Prices Sky Rocketing In European Union
In a recent incident, Belarus made and statement for an “unscheduled repair” on a branch of the “Friendship pipeline” carrying oil supplies from Russia through their country to a number of EU states, stating that the repairs will take three days. Transneft, the Russian energy giant has said that this is a short-term disruption and the repair work should be completed by weekend. Though the monthly supply volumes should not be affected by this halt in supply. The pipeline connects oil fields in Central Russia to consumers in Poland, Hungary, Czechia and Germany. This situation has caused a record-high increase in natural gas prices in Europe. Various factors are aggravating the current situation in Europe, including the unusual cold winter, which demands people to heat their homes for longer than usual. Also, the need for natural gas is higher due to decisions regarding phasing out of coal and a bad year for wind production. The political situation in Europe is also not conduc...