The current situation in the European gas market could push the region to expand the number of suppliers and accelerate energy transitions in the long run.

According to APA-Economics, this conclusion was reached by analysts of the international rating agency Fitch Ratings.

"Low reserves, declining supplies from Gazprom and growing geopolitical tensions over the past few months have led to even greater shortages in the European gas market and the search for additional supplies," the international rating agency said in a statement.

According to the report, although Europe will continue to depend on Russian gas supplies in the short term, in the long run, the reduction in supplies from Russia could lead to a wider diversification of the supply base and accelerate energy transfers.

The review notes that against the background of low gas reserves in Europe, European consumers are competing with Asians for liquefied natural gas (LNG).

This keeps spot prices for natural gas in Europe high, despite some record declines in recent weeks.

It is added that the additional volumes from gas suppliers through LNG and pipelines will help to compensate for the reduction in supplies from Gazprom in the short term.

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