Business News Asia
Europe is facing a new round of energy disruptions following reports of damage to oil pipelines from Kazakhstan via Russia. This situation will only increase concerns about Europe’s energy supply problem.
The Caspian Pipeline Association (CPC), which manages about 1% of the world’s oil, said oil exports from two terminals have been halted due to pipeline damage.
In the recent past, Western countries accused Russia of controlling oil supplies in hopes of raising prices in response to Western sanctions.
According to the report, Russian natural gas supplies to Europe have fallen by around 75% compared with the previous year. Russian energy giant Gazprom has announced that it will close the Nord Stream 1 pipeline from August 31 to September 2 for maintenance. The closure of the pipeline would put Europe in an even tighter energy situation.