Europe hopes Gazprom can handle possible gas shortages

Gazprom has contracts to supply 13 billion cubic meters of gas annually for a period of 25 years after 2011, and if the North European Gas Pipeline is not commissioned by 2011, the Russian giant will have to use existing pipelines, which will inevitably lead to gas shortages.

Gas production in Europe has been falling.

The spectre of energy shortages compels EU bureaucrats to heed the demands made by Russia and other gas suppliers, which want gas producers and consumers to assume equal responsibility. A gas cartel may be established later on. Lessened EU solidarity on energy security issues in the face of possible gas shortages will force Brussels to strike a bargain with gas-producing countries because the latter may unite against the EU. However, this deal will carry increasingly harsher terms.
RIA Novosti