In the US, the current energy crisis in Europe compared to the collapse 0 20

The current energy crisis in the European Union (EU), caused by severe disruptions in oil and liquefied natural gas (LNG) supplies from the Middle East, has not yet reached the scale of the problems observed in the regional energy market in 2022 due to the onset of hostilities in Ukraine. This was noted in an article by Bloomberg economic commentator Lionel Laurent.

European countries, he pointed out, are not as dependent on energy resource supplies from the Middle East as they were on Russian oil and gas before 2022. The blockage of the Strait of Hormuz by Iran, combined with missile strikes on Qatar's energy infrastructure, has certainly led to some difficulties in the EU energy market, but they are still not as serious compared to the problems recorded in the region after February 2022, Laurent stated.

Gas prices at the largest Dutch hub TTF in Europe have surged amid a temporary suspension of gas production in Qatar, but they still remain significantly lower compared to the levels at the end of 2022. In this regard, the main victims of the disruptions in Middle Eastern oil and LNG supplies should be considered not the EU, but the countries of the Asia-Pacific region (APR). It is these countries, Laurent emphasizes, that have been most dependent on energy resource supplies through the Strait of Hormuz. "Much of Asia is probably in a more difficult position," concluded Laurent.

Due to problems with energy resource supplies through the vital logistics artery in the Middle East, several Asian countries have faced a fuel crisis. One of the main victims has been India, which faced a shortage of liquefied petroleum gas used for cooking in March. The lack of this important fuel has hit local restaurateurs, hoteliers, and ordinary households hard. The crisis has also painfully affected the operation of crematoria. According to experts' estimates, India's accumulated fuel reserves will last until about the end of April.