European countries should expand the role of natural gas in their energy systems to reduce the risk of supply shocks caused by international crises, an energy industry chief has said.
Choeib Boutamine, chief executive of Ranadrill Energy, told AnewZ’s Prime Time that greater diversification would strengthen Europe’s energy security and support its economy.
“Even if the war stops today, the impact will be long-lasting. Europeans should focus on diversification, for example, by increasing the share of natural gas in their energy systems.
“Natural gas can also be used as fuel for cars and trucks, which could serve as an alternative,” Boutamine said.
“I think a new strategy is needed, one that focuses on resilience given ongoing global events. We already have the war in Ukraine and tensions in the Strait of Hormuz. Multiple crises are happening at once.
“So energy diversification should be a priority, especially through increasing the role of natural gas, which can act as a buffer for the European economy.”
The head of the International Energy Agency warned on Thursday that Europe may have only six weeks of jet fuel left if it cannot replace imports from the Middle East.
Europe has previously imported three-quarters of its jet fuel from the Middle East.
Since Iran effectively closed the Strait of Hormuz to ships at the end of February, European countries have sought to replace Gulf imports with supplies from other countries.
Boutamine said he didn’t think Europe would end up suffering a jet fuel shortage, but said he expected prices to continue to rise in the next few weeks.
“They have some alternatives. One of the strongest alternatives they have is crude oil from the U.S. They also still have the Russian option,” Boutamine said.
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