Outlook 2023: War in Ukraine is also an energy war

Europe might have been lucky on this one. Russian gas was bound to decline pretty soon as the old legacy fields in Urengoy and Yamburg are declining and their replacements in Yamal can’t backfill what would be needed. Europe would have faced a moment of pain anyhow and if I know one thing it is that I want my pain to come fast and hit me hard as it will kick me into action. Slow pain allows for a lot of wallowing until the situation is really bad. The war in Ukraine – as horrible as it is – came at the right time for Europe’s energy. 

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