Victims reported in London’s Queen Elizabeth Park after gas incident

ATLANTA: The global energy market has “rolled” vis-à-vis rising prices in the conflict between Russia and Ukraine, according to US Energy Secretary Jennifer Granholm.

During an online briefing, attended by Arab News ahead of a two-day International Energy Agency ministerial meeting in Paris, she said the IAA would discuss ways to accelerate a shift in clean energy sources and the confidence of European nations to reduce to Russian oil. an Gas.

Granholm describes this as a “critical moment” for the US and other countries to take action to compensate for the rise in prices on energy markets resulting from disruptions to Russia’s oil supply, caused by international sanctions, in response to the war in Ukraine was staged.

She said the IAA stands in solidarity with the Ukrainian people and that the US is taking coordinated action to free up strategic energy reserves to stabilize global markets.

“The United States exports every molecule of liquefied natural gas we can to solve Europe’s supply problems,” Granholm added.

Russia is the third largest oil producer in the world after the USA and Saudi Arabia, but it is the largest exporter of oil on the world markets and the second largest crude oil exporter after the Kingdom.
All major disruptions to Russia’s supply therefore have a significant effect on prices, and many European countries depend on imported Russian oil and gas to meet their energy needs.

The United States has imposed an internal ban on Russian oil imports, but left it to European countries to make their own decisions and pursue them only under certain circumstances.

Gas prices in the US have already risen sharply due to the disruption of the global oil supply and the uncertainty in the markets.

Granholm said the conflict in Ukraine has created challenges for the United States and other Western countries.
Sources of clean energy should provide a strategic choice that offers viable medium- and long-term solutions to such challenges, she added, pointing out that in addition to being reliable, diverse and affordable, clean energy is the key to more energy security and independence , as well as the response to climate change.

During this week’s IEA meeting, ministers will discuss ways to accelerate the transition to clean energy and strengthen research and development in the sector, Granholm said.

It acknowledged that a transition to clean energy could not happen overnight, as Europe remained dependent on Russia’s energy supply for the foreseeable future.
But she said the IAA had developed a 10-point plan to reduce its dependence on Russian oil by 2.7 million barrels a day within four months.