Malpass said on the on Face the Nation program:
- Markets look forward so they can look at the 5-year time horizon and realize that there's a lot of energy available if it's mobilized, there are alternatives to the Russian dominance of the gas market, for example
- And so whether those changes are made will be important
Yet, with the Russian invasion, and even before that, the high dependence of Europe on Russian pipeline gas was a source of concern in Europe, and countries were looking to buy more LNG to secure this winter's supply in light of decade-low gas volumes in storage and Russian pipeline deliveries not going above the contractual obligations.
The World Bank's Malpass told CBS:
- Right in the short run, there is upward pressure, including on LNG that the U.S. ships to Europe and Europe will need a lot more, but it's available
Qatari Energy Minister Saad al-Kaabi said 2 days before the Russian invasion of Ukraine:
- Replacing Russian gas deliveries to Europe in the short term is almost impossible
- Most of the LNG are tied to long-term contracts and destinations that are very clear
- So, to replace that sum of volume that quickly is almost impossible
Germany will support the construction of 2 LNG import terminals and is not leaving any energy source – not even coal or nuclear – off the table as it will now look to cut energy dependence on one supplier.