Russia is contributing to an undersupply of natural gas to Europe, the head of the International Energy Agency Fatih Birol said on Wednesday, noting it comes amid a standoff between Moscow and the West over Ukraine.
The Paris-based IEA, energy watchdog for developed countries, warned that the high energy prices and consumer pain wrought by the gas crunch makes the case for future mandatory storage quotas for European companies."We believe there are strong elements of tightness in Europe's gas markets due to Russia's behavior," Birol told reporters, noting"today's low Russian gas flows to Europe coincide with heightened geopolitical tensions over Ukraine.
"Read MoreRussian energy exports have been in focus amid a standoff between Russia and the West as Russia has built up its troop presence near neighboring Ukraine, which is trying to forge closer ties with NATO.Some European Union lawmakers have accused Russia, which supplies more than 30% of the bloc's natural gas, of using the crisis as leverage while Russia and NATO hold talks in Brussels on Wednesday.
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