Gazprom Neft Chief Executive Alexander Dyukov (C) attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia February 9, 2018. (REUTERS/Sergei Karpukhin)
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Europe will soon experience a gas shortage and price spike if it tries to rely on U.S. gas imports to cover rising demand instead of increasing purchases from Russia, Kremlin energy giant Gazprom told Reuters.Gazprom's deputy head Alexander Medvedev said the company would have enough supplies for both Europe and Asia but that it was time for Europe to decide from where it should source gas.Gazprom's exports jumped 8 percent last year to an all-time high of 194 billion cubic meters on higher demand and lower prices, giving it a record share in Europe of 35 percent.Unfortunately there is no energy dialogue between Russia and the EU," Medvedev said.He added that even if Gazprom builds its two new pipelines to Europe on time -- Nord Stream 2 under the Baltic Sea and Turkish Stream for Europe's south -- it will not be enough to balance rising demand and shrinking supply.
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