Dependence of EU energy market on Russian oil and gas

Rapaić, Stevan and Novaković, Marko (2013) Dependence of EU energy market on Russian oil and gas. In: Energy Security of Europe: the position of Serbia. Institute of International Politics and Economics, Belgrade, pp. 83-95. ISBN 978-86-7067-176-8

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Abstract

The authors analyze energy market in Europe by presenting the gross consumption of energy as well as production of energy within the European Union. Although the Russian Federation was severely hit by the worldwide financial and economic crisis, Russia remains an important energy supplier to the EU, especially for oil and gas. Furthermore, some EU countries rely heavily on Russian hard coal. EU desperately looks for means to secure new sources of gas and oil supply by importing it from countries like Norway, Saudi Arabia, Algeria, Libya, Nigeria, and Iraq. As the likelihood increases that Russia will remain its dominant position as most important EU energy supplier, questions have emerged as to whether Russia would use this position to influence EU member policies.

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