Fear not. Putin has just announced that he will roll out the “save the shale drillers package”. He wants to raise prices which is going to drive Europeans into the arms of those that can help them. Yes, beyond the virtue, European gas companies still have to run the numbers and those better look somewhat enticing. And they will cut a deal with anyone if it offers them an escape from higher prices. As Sun Tzu said: “Sit at the riverbank and wait until the corpses of your enemies float by”. Why fight if your competitors commit suicide?
U.S. shale drillers are increasingly worried that swelling Russian natural gas exports will slash their European market share.