EU ‘sucking gas away’ from poorer countries – analyst

The EU energy crisis is inevitably leading to energy poverty in developing countries, Bloomberg reported on Tuesday citing an energy analyst at Credit Suisse.

“Europe is sucking gas away from other countries whatever the cost,” Saul Kavonic told the media.

Despite soaring energy bills, the EU is expected to survive the upcoming heating season, as the bloc members have purchased enough oil and natural gas. However, this comes with a high price tag for the world’s poorest nations that have been cut off from the gas market due to Europe’s ravenous demand.

Emerging market countries are reportedly at serious risk of being unable to meet their energy needs. Factory shutdowns, more frequent and longer-lasting power shortages, as well as social unrests are the most likely consequences due to the energy security challenges.

Exporters across Qatar and the US are accepting bids from European buyers seeking to purchase as much fuel as possible to fill their storages. That leaves developing countries like Pakistan, Bangladesh and Thailand unable to compete on price with Germany and other bigger economies.