A cold winter in China, South Korea and Japan may provoke a rise in fuel prices for the European Union (EU) amid the desire of this commonwealth of European countries to refuse energy supplies from Russia, Bloomberg wrote.
"A colder-than-normal winter could spike prices if Russian supplies to Europe stay low," BloombergNEF analyst Abhishek Rohatgi said.
China, South Korea and Japan are among the world's largest importers of liquefied natural gas (LNG) and coal. But with the onset of the heating season, energy demand will increase there just as it does in European countries. If that happens, these states will not be able to sell the fuel to the EU in the quantities they need and will raise prices significantly.
This week, High Commissioner for Foreign Affairs and Security Policy Josep Borrel said that the EU's ability to buy gas from non-Russian sources is approaching its limits.
Earlier this year, World Wildlife Fund (WWF) climate program director Alexei Kokorin said that across the globe, 2022 will be colder than 2020.