IEA warns Europe to prepare for total shutdown of Russian gas exports – FT
|International Energy Agency (IEA) chief Fatih Birol issued a warning to Europe, urging governments to remain prepared over a total shutdown of Russian gas exports this winter, the Financial Times (FT) reports.
Key quotes
“Europe should be ready in case Russian gas is completely cut off.”
“The nearer we are coming to winter, the more we understand Russia’s intentions.”
“I believe the cuts are geared towards avoiding Europe filling storage, and increasing Russia’s leverage in the winter months.”
“Emergency measures taken by European countries this week to reduce gas demand, such as firing up old coal-fired power stations, were justified by the scale of the crisis despite concerns about rising carbon emissions.”
Market reaction
Amid risk-off sentiment and broad US dollar demand, EUR/USD is extending its weakness, with the above comments adding to the EUR’s plight.
The pair is down 0.30% on the day at daily lows of 1.0493, as of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.