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European energy crisis caused by impulsive transition from fossil fuels – Rosneft boss Sechin

European energy crisis caused by impulsive transition from fossil fuels – Rosneft boss Sechin
Rising fuel costs in Europe highlight the serious risks of impulsive energy transition and negligent attitude towards traditional energy, according to Igor Sechin, head of Russian state-run oil giant Rosneft.

“The gas crisis in Europe had demonstrated the importance of commodity inventories,” Sechin said, speaking at the 14th Eurasian Economic Forum in Verona, Italy.

According to the head of Russia’s oil and gas major, the current shortage of long-term contracts had led to under-fulfilled underground gas storages across the continent. 

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“In the face of growing demand, the limited capabilities of alternative generation are not able to ensure stable electricity supplies not only in winter, but also during more comfortable summer and autumn periods, leading to record gas prices,” he said.

Sechin also said that the current situation jeopardizes the economic recovery of the entire region after nearly two years of the Covid-19 pandemic.

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