4) There is a risk of a global energy crisis. Russia is the largest natural gas exporter in the world and the second-largest exporter of crude oil behind Saudi Arabia, according to the International Energy Agency. Replacing Russian gas will not be easy. Europe will have to buy gas on the open market, which means if they buy from countries like Qatar or the US they will have to pay more. It also means that the gas they buy will not go somewhere else. The result will be higher gas prices everywhere as countries outbid each other for limited supplies.
4) There is a risk of a global energy crisis. Russia is the largest natural gas exporter in the world and the second-largest exporter of crude oil behind Saudi Arabia, according to the International Energy Agency. Replacing Russian gas will not be easy. Europe will have to buy gas on the open market, which means if they buy from countries like Qatar or the US they will have to pay more. It also means that the gas they buy will not go somewhere else. The result will be higher gas prices everywhere as countries outbid each other for limited supplies.
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