Bloomberg concluded that high fuel prices in Europe due to anti-Russian sanctions may continue for the next two years.
Bloomberg reports that previous February calculations were based on the assumption that the conflict in Ukraine would be short-lived and that gas, due to the anti-Russian sanctions, would not have time to rise critically in price. However, at the moment, the publication summarises, the situation has changed.
“At that time the gas market expected the crisis to be short-lived and last perhaps a few months, but now everything is signalling extreme danger for next winter in 2023 and, increasingly, for 2024,” the paper reports.
The paper notes that “Europe’s gas crisis is deeper than it looks”.