Europe bought enough oil and gas to get through the winter, but the world’s poorest countries incurred heavy costs and were cut off from the natural gas market by a sudden increase in demand from Europe.
Bloomberg writes about it.
According to the agency, this has left emerging market countries unable to meet either today’s or tomorrow’s needs, and the most likely consequence is the closure of factories. As well as more frequent and prolonged power outages, fueling social unrest, all of which could stretch into the next decade.
Sol Kavonik, an energy analyst at Credit Suisse Group AG, noted that fears of energy security in Europe are leading to energy poverty in emerging markets. According to him, Europe sucks gas from other countries at any cost.
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