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FT: US can’t save EU from energy crisis

September 15, 2022
in Daily News
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American oil and gas companies have almost exhausted their ability to help European countries mitigate the consequences of the energy crisis – they will not be able to increase oil and gas supplies in the winter. This was reported by the Financial Times with reference to market participants.

“It doesn't look like the US can pump more. Our production is already at the limit. There will be no help for oil or gas,” said Will VanLockh, head of the private equity group of Quantum Energy Partners, one of the largest investors in shale shale producers.

The publication notes that the growth in demand for oil, especially against the backdrop of the upcoming oil embargo from the EU against supplies from Russia, could lead to a new jump in oil prices to above $100 per barrel. Producers claim that they are already at the limit of their current capabilities, so it will not be possible to increase supplies to Europe this year or this winter.

Pioneer Natural Resources CEO Scott Sheffield notes that his company and rival companies are not ramping up the development of new fields and are not launching new wells, moreover, he does not see prospects for an increase in their number in the near future. Sheffield is sure that if demand increases in winter, oil prices could reach $120 per barrel.

Market participants insist that Wall Street investors are not interested in the long-term development of oil projects. This affects potential financing, which also affects production and the development of the industry. They are quite satisfied with the model, in which low production levels ensure high prices and profitability of production. The White House tried to influence the policy, which urged shale producers to increase production, but the authorities have not yet been able to achieve significant growth.

The energy crisis is hitting hard on the European economy, analysts expect that the shortage of fuel in the EU will lead to a recession in the economy and a drop in living standards. The main reason for the energy crisis is the lack of alternative sources of supply and too high dependence on Russian energy resources, primarily gas. Russia has reduced the supply of energy resources to Europe against the background of the war with Ukraine. Moscow explains its behavior with sanctions that allegedly prevent it from pumping gas through the Nord Stream pipeline. European politicians insist that Russia is simply using oil and gas flows as an instrument of blackmail and pressure on Europe for supporting Ukraine.

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