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EU energy deficit seen as less severe than 2022 crisis

EU energy deficit seen as less severe than 2022 crisis

The current energy resource deficit in the European Union is less severe compared to the crisis of 2022. According to Bloomberg, the diversification of import channels has reduced the sensitivity of the European economy to Middle Eastern supplies compared to the previous reliance on Russian gas.

The blockage of the Strait of Hormuz and strikes on Qatar's energy infrastructure have led to rising prices at the Dutch TTF hub. Nevertheless, current gas prices remain significantly lower than the levels seen at the end of 2022. Economic analyst Lionel Laurent points out that Europe’s dependence on Middle Eastern exports is not critical for the stability of the system.

The primary damage from disruptions in maritime logistics has been observed in countries within the Asia-Pacific region. As Lionel Laurent, a Bloomberg columnist, noted, many Asian countries find themselves in a highly vulnerable position due to their energy systems' direct reliance on transit through Middle Eastern arteries. Regional markets are experiencing a deeper supply deficit than European consumers.

The supply crisis has been most acute in India, where a shortage of cooking fuel emerged in March 2026. The LNG deficit has negatively impacted the operations of hotels, restaurants, and social facilities. According to industry reports, the available reserves in the country are sufficient only to meet minimal needs until the end of April 2026.

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