BRUSSELS — Europe is facing growing competition from Asia for limited natural gas supplies, as national reserves run low and demand soars during the summer.
And it’s a contest the EU will struggle to win, analysts and officials warn.
Centralized Asian economies like China, Vietnam and South Korea are better equipped to negotiate deals to purchase gas on the spot market, leaving free-market oriented Europe at a disadvantage.
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The EU gave itself power to coordinate group energy purchases after Russia’s invasion of Ukraine, but the policy hasn’t worked well. That means even if the peace deal between the U.S. and Iran holds, Europe could still be facing higher gas and electricity prices over the coming months.
