During Q1 2017, registrations of EVs in the EU jumped by almost 30 percent versus the same time last year, with total alternative fuel vehicles up almost 38 percent. During 2017, both the U.S. and Europe look to smash records of EV sales.
Russia has the means and determination to hold onto its gas market in Europe, but in doing so, will be forced to give up much of its leverage over pricing and the way contracts are written.
In the wake of the crisis and violence in Ukraine, the EU stepped up its search for alternative supply sources to trim its dependence on imported Russian natural gas, but solutions such as imported LNG provide only marginal energy security gains.
Europe's status as a substantial importer of energy is well known, but what is less known is that the rate of dependence on oil imports is much higher compared to its dependence on imports of natural gas.
Norway, which produces just under 2 million barrels per day (mbd), is not experiencing the social and political turmoil seen in Iraq, Venezuela or Russia, but it is still taking major hits from the precipitous drop in prices as a result of oil’s integral role in the country’s economy.