Tag Archives: global oil supply

Europe fails to tap Caspian Sea’s surging gas supplies

Posted by aurelius77 on

European countries are losing out to China in their quest to source natural gas from the Central Asian states.

Moving away from dependence on Russia and Middle East hydrocarbons was a key energy objective of European countries in the 1990s, and the oil and natural gas resources along the Caspian Sea was seen as a vital alternative.

Instead, European oil dependence on Russia and the Middle East has grown from 75% in 2000 to 84% by 2010. In addition, EU reliance on gas imports has also risen from 49% to 62% during the period. Continue reading →