IEA Head: LNG, Regulation Helped Europe Save $8B On Russian Gas Imports

Due to competition from liquefied natural gas (LNG) and better market regulation, many European countries renegotiated their contracts for Russian pipeline gas supply in 2018, saving as much as US$8 billion on their Russian gas import bill, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Reuters on Friday. “Because of the big challenge from LNG and better regulation, there was a lot of renegotiation of pipeline contracts and we estimate in 2018, Russian pipeline exports to Europe were $8 billion cheaper…