Europe's Industries Face Gas Price Shock
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European Union gas demandReuters
•Analysis-Gas price shock set to add to Europe's industrial pain
80% Informative
European Union gas demand is 17% below the five-year average observed during pre-pandemic years .
At the same time, gas prices are at their highest level in over a year and analysts predict they will rise further.
Dozens of firms across Europe have closed factories and cut activity and jobs as high gas prices undermined their competitiveness.
Europe imported 11.3 bcm, or around 170 cargoes, of LNG in November , mainly from the United States and the Middle East .
The European Parliament voted in April to ban Russian LNG imports by preventing Russian firms from booking gas infrastructure capacity.
That could push the EU to compete harder with Asia for U.S. and Middle Eastern LNG .
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