Europe urgently needs to re-establish access to Russian oil and gas. Gas prices are high – as all UK energy consumers know – and German gas storage is at a record low for September. Gulf production is degraded, supplies are cut off and its long-term strategic stability undermined.
German manufacturing already suffered a 9.5% production loss from 2022 to 2026 following the Russian gas shutdown, with the loss in energy-intensive manufacturing (inc petrochemicals, chemicals, metals, glass/ceramics/stone, paper, mineral oil etc.) at 15.2%.
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