Global Oil and Gas Market: EU prepares for Russian gas cuts

The European Union is preparing to take precautionary measures in case the biggest gas supplier, Russia, cuts its export this winter due to the crisis Ukraine.

Measures could include the ban to companies selling imported LNG outside Europe, the order to keep more gas in reserve and the order to industry to stop using gas, reports Reuters.

EU could be taking steps to ensure a more coordinated use of LNG regasification facilities as well as better use of the storage capacities.

European buyers usually re-sell the LNG cargo bought from Qatar or Algeria abroad for higher prices instead of supplying domestic markets.