Gas Prices may Remain High for another Two Years

The European Union is facing a serious natural gas supply crisis, with high prices likely to persist for another two years or so. This opinion was expressed by Bloomberg columnist Javier Blas, who deals with economic issues and the world energy situation.

He believes that gas prices in Europe are already below the levels of March, but nevertheless, the situation in the market suggests "longer-term problems" than experts expected in February.

"At the time, the gas market expected the crisis to be short-lived and last perhaps a few months, but now everything points to extreme danger for next winter and even more so for 2024," Blass wrote.

The analyst notes that "the gas crisis in Europe is deeper than it seems".

According to him, Berlin fears that Russia will decide to stop the Nord Stream gas pipeline after the facility fails. However, it is more likely that Russia will continue to transit gas to Europe, but retain the ability to reduce or slow the flow.

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