When Russia invaded Ukraine (twice! in 2014, and again in 2022) it essentially tore up any agreements it had with Ukraine -- including the Budapest Memorandum under which Russia *guaranteed* Ukraine's sovereignty and territorial integrity. And yet, Ukraine continued to uphold and honour agreements that *it* had with Russia, including gas transit through its territory. Under international law, Ukraine would have been entirely at liberty to end that agreement once Russia made itself an implacable enemy. And yet, it didn't, for the sake of prospective allies in Europe and in spite of the fact that the money those countries were paying Russia ended up funding Russia's aggression against Ukraine! That says a lot about which of these two countries, Ukraine or Russia, can be trusted to honour any treaties or agreements it signs with other countries.
Saudi , Russia , Kuwait and Angola are just 4 countries that I have worked in , on drilling rigs, where people did not understand or read or abide by the CONTRACT . Western enterprises depend on contractual agreements to function and to be profitable. The idiots who cannot do this or who are corrupt cause continual shut downs so that they can argue. Engineering does not work like that. Saw a rig shut down in the middle of a cement job to argue. They succeeded in cementing up the whole rig
@@Bob-nd2mr This is why BRICS will never amount to a hill of beans. Such an international currency cannot properly function without the rule of law, and with the rule of law you tend to get democracy. That is, if someone doesn't ruin it all by breaking all the laws.
A few notes from an ex-oilfield guy. 1. Russia will be forced to shut-in many of their gas well if they don't have any place to ship it. 2. Gas wells are notoriously difficult to bring back online once they are shut in. It's not just a matter of opening a valve. 3. Much gas is produced as a mixture with oil. So, shutting down those wells will also reduce oil production, resulting in a further economic hit. 4. This is not just an immediate economic problem, but one that can last for many years without western help to restore production numbers. I don't see that happening. 5. Putin is screwed.
Re: (5) maybe, but it doesn't make sense from Putin's self-interest perspective. Only 2 scenarios make sense: 1) He's insulated himself from reality but still holds sway over all those who aren't or 2) He knows something the rest of us don't and is just waiting for that game changing reality to present itself Which is it?
@@hillbilly4895 I vote for #1 and will add that no one in Russia dares to bring him bad news, including on the economy. Bad news or criticism usually results in a trip out of a window.
Which is winning the information war against the west. The only war that matters in his perspective and he is not a stupid person. He is also no genius. This whole war was a f$%up. He is trapped in his own mistake. If he wants to survive he can't loose.
Saying these countries "have been struggling to find alternative affordable supplies". Is a very generous way of saying "Has not cared AT ALL to stop buying gas from Russia, even denying offers from neighbouring countries"
Exactly. They have chosen to not find alternatives because it was the cheapest for them to continue to buy gas from Russia. And now they are paying the price for that. And I do NOT feel sorry for them at all.
That is correct. Poland offered to install floating gas terminal in Gdansk port, infrastructure to pump such gas to south is there, but there were no takers. Nobody was even interested to start any talks.
Even though I agree with you, please feel for my relatives and the other over 50% of Hungarians who didn't vote for the corrupt treasonous idiots running the country.
Those countries who still buying gas from Russia said they haven't found a good place to buy gas, when Ukraine cut the gas pipes you will see how fast they will find a good source of gas!
@@cmtwgrdk2748 It certainly looks that way based on the maps Joe used. I assumed that there is/are some other problem(s) since he only mentioned the Yamal-Europe being used in reverse, probably since it the only one currently being used that way. Also, can the European de-liquification plants process enough gas for everyone? Only winter will tell.
A correction here at 22:13 -- Ukraine is *not* cancelling the agreement on Russian gas transit. It is simply allowing it to expire naturally, having fulfilled its five-year obligation. Not renewing the agreement is not the same as cancelling it. Just as Russia decided not to renew the grain export agreement through the Black Sea from Ukrainian ports. We cannot expect Ukraine to enter into a new agreement with a country that has invaded it and is waging an aggressive imperialist, colonialist war against it.
@@georgea.lozano2619 yeah that's crazy if Russia invaded Ukraine you would think France would stop French companies from importing almost 4.4 billion cubic metres of Russian LNG in the first half of this year. it's almost like America pulled off a color revolution in Ukraine. because BP had a deal for the gasoline underneath of Ukraine. and Shell, BP, Chevron, ExxonMobil and TotalEnergies have paid $200 billion to Ukraine for no apparent reason.
As the war was being prosecuted between both countries, how were Ukraine and Russia dealing with each other about the gas transit ? Was Ukraine letting the gas flow and was Russia paying Ukraine ? Two nations at war with each other can still trade with each other ? It's a bit silly, isn't it ?
Countries like Hungary have shown no interest in helping its neighbour and have actually been obstructing all negotiations. I think if Hungary had shown more interest in helping Ukraine the situation would have been different and it would be a harder decision to make. Now the most prioritied thing is just not giving Russia any more money the use to build weapons and therefore the right thing is to end the deal. Also remember that Ukraine could have cut the gas from day 1 but did not and just let the contract continue until it expired as planed.
When war started the Hungarian people organised themselves and used their own money and time to help refugees. The government got so scared they practically chased away the volunteers. They forcefully took over to do a worse job. Over half of the country never voted for Orban. There is no excuse for what the Hungarian government is doing, but the whole picture is more nuanced.
It's not like these European countries have had 3 years to sort out alternatives. Its should be no suprise to these countries that Ukraine will stop delivering gas given what Russia is doing with the money they earn from it
I did my part, my house was fully changed to electric plus heat pump. No gas usage. Problem is flats in big cities, condo admins function poorly, and those could potencial lay play a huge part in the shift.
I am from Austria. And since 4 p.m. today, Austria has not received any more gas from Russia. Gazprom has stopped supplying OMV. The reason: an arbitration court has decided that Gazprom owes OMV 230 million euros. OMV wanted to offset this against gas deliveries. A gift for Austria, as we have take or leave contracts until 2040, which were broken by this decision by Gazprom. Austria is independent in the meantime. Slovakia and Hungary are not.
It will be also quite interesting now, because he will have to become quite cooperative with the countries he is basically blackmailing(the rest of EU)
Orban is now going to reap what he sow and he is NOT going to like it as the Hungarian people are going to get very angry very soon. Including many people with much money and many bad criminals working for them.
He is terrible at diplomacy. He almost succeeded to take the country from an EU and NATO member to a Russian vassal state. No gas will force him to make compromises though.
Another thing to note is Canada's MASSIVE new LNG terminal being built on the west coast and opening in mid 2025. At a cost of over $40 Billion it is the largest construction project in the 150 year history of Canada. This is going to replace any potential russian LNG going to East Asia (Japan, Taiwan, South Korea, etc...) as well as the LNG coming from Qatar. Then Qatar can increase its exports to Europe to replace this russian gas.
With Viktor Orbán in power, Hungary has become poorer and more corrupt, although Hungary was not a rich country even before that. Expectations should be correspondingly low.
It's not just incompetence. I don't know about the other three countries but Orban's government in Hungary has done everything they can to prevent the development of alternative energy sources there. They do have plans to build two new nuclear power plants but they're not planned to be ready until 2030 and they're mainly financed by Russia so there will probably be serious delays. Where there is no will, there is no way and that's exactly the situation in Hungary. We have to feel sorry for the Hungarian people of course but their government got exactly what they asked for.
Finland cut their Russian oil several years ago. They felt, rightly, that Russia was trying to resurrect an unsustainable Soviet Union. I am surprised that Chechens would ever fight for Russia.
Unfortunately true. That corrupt piece of $%^ Orban did nothing to protect the interests of Hungarians. I see similar stuff in other countries but Hungary is one of the worst offenders of going against their own long term interests for short term internal political reasons.
one thing that has to be understood, ist that Russia worked since the late 1960s to make Central European countries dependent on their - intentionally cheap -gas
They bought off germany, which is the biggest issue in all this mess. Germans gave them too much money over the years and also germans shut their nuclear power plants based on pressure from activists paid by the russians.
@@ryanschwan2507 it might even have begun only like that, so it is doubtfull - the "addiction" motive was definitely high on the agenda, including the killing of the southstream pipeline project around 2012-13
Russia did not have to honor its protection agreement with Ukraine for giving up nuclear weapons, but Ukraine had to honor its gas pipeline deal with Russia? 🤯
@beyondEV except pootin's negotiations is that he wants to control the two massive lithium deposits, the natural gas deposits, the mineral rich Eastern Ukraine, and the rich farmland. There are multiple reasons he wants Eastern Ukraine, and they all revolve around stealing the natural resources, and leaving Ukraine smaller, weaker, and poor. Which is why Ukraine isn't interested in pootin's ideas for a new border....
I wonder how much income Ukraine is losing by not renewing the contract? I totally support them not doing it, but I worry about their finances now they have lost the USA as an ally.
I'm so concerned about the loss of revenue to Putin NOT. Orban can freeze and maybe his supporters will get pissed. THOSE WHO DO NOT LEARN FROM THE MISTAKES OF HISTORY CONDEMN THEMSELVES TO REPEAT THEM
I 100% agree. The people in Slovakia and Hungary can all freeze and suffer the entire winter and struggle a lot with paying their bills and buying their food and I couldn't care less. The reap what they sow from electing the leaders they have.
No big surprise that Austria, Hungary and Slovakia did NOT "find" alternatives to Russian gas as their governments are very Russia friendly, especially Orban and Fico. Ukraine fullfilled their contracs even through the war, a war Putins Russia has started and is brutally waging even on civilians. So yes, Ukraine has every right to not further extend the contract. Slava Ukraini
"a war Putins Russia has started and is brutally waging even on civilians" Check out the facts and try to keep to reality. Ukraine is LOST and shoud have remained neutral as required by agreements.
@@yamaneko-ex8fy I'll add that Austria is one of Russia's most important sub-HQs/bases of operation for intelligence/influence operations in Europe, and so Austria very much ought to be judged for allowing this anti-European corruption and influenceering to not only linger, but thrive in their country. Heck, the biggest party in their last elections is a Pro-Russia far right party, that literally tried to solicit bribes from people they thought to be Russian agents a few years ago (the so-called Ibiza Affair).
It is interesting to note that 3 of the countries that are big buyers of Russian oil and gas are the same countries that have the poorest relationship with Ukraine (Hungary, Slovakia and Austria).
We in Bulgaria took the first hit for the rest in EU in the first revolving weeks of the invasion/war. Since we are small and good target for bullying, Russia wanted to make an example from someone so it can scare the EU. Thankfully 2 things played into ruining this attempt: 1. Since we are relatively low gas consumer, we had alternatives building up and we didn't end up cut and dry. I couldn't believe it myself, but we still had good relations with some of our neighbors. I despise radical patriots as thy get in the way of diplomacy and in this case - diplomacy played its role 2. Since EU are not exactly big fans of us, it was Ok that we took the hit (one for the team, right?), which exposed 2 things: Russia is a piece of shit bandit state (it never changed really), EU doesn't give a lot of shit for us. But this had the opposite effect and showed everybody that Russia is not dependable so that wake up call made all of us...or well... most of us to seek alternatives ASAP. Despite that I still love the Europe I remember from my childhood and I hope now with Trump election, this will be a good wake up call, things will change for good, despite the shaky EU leadership and someday we (in Eastern Europe) may be even treated as more than 2nd class citizens. I know that the Nordics despise us, but they haven't seen the core, the true citizens of my country, since not a lot of us decided to emigrate and unfortunately the majority who chose to walk around Europe are not our best, brightest or civilized (some of them don't even considered themselves Bulgarian and just happened to be born here), but even so - since we are Europeans, no matter how many malice regimes tried to change that, we are not devoted fanatics to fictional books and we don't rape or pillage the country we decide to visit or chose to do some overboard work in.
@@desireless4092As a European, I’m sorry to hear Bulgarians feel that way. In NL, I never come across these feelings. For Hungary the feelings more in line with what you describe due to the fact that Orban is hugging Putler.
Well a lot didn't actualy most didn't and 3 out of those 4 country's it was a legacy arrgement that beneifitted al. So only Austria really f-ed up. We would have been in trouble if we had a really hard first winter and we did take an economic hit but thats about all. Also i'm dutch wew could have reopened our gasfields that would have been enough to keep the netherlands Germany and Belgium going if it had been a hard winter. Yes it would have been chilly in a lot of homes but nobody would have been freezing. You might wanna read up on whats real and not what some of the media is spoofing to make an extra buck.
@@arturobianco848 in Austria it was much less politics, but the arrogance, short-sightedness and greed of the still near monopoly, former state owned, now long privatised OMV - and it's german CEO. OMV told the politicians that all was hunky dory, and they believed it - like most Europeans, who would not belive, that Putin would make that step to far.
I must correct you. First ruSSia stopped gas transporting over nord stream pipelines trying to blackmail European countries and only after that "mysterious explosion" happened.
@@juhajuntunen7866 prior to "mysterious explosion" ruSSia claimed that multiple technical difficulties happened on compressor station inside of ruSSia and ruSSia stopped gas transporting saying "we do not stop it intentionally in violation of our contracts - it's due to technical issues but you will be frozen to death in Europe. But it's not us who stopped." And they even created a lot of propaganda videos about future of freezing Europe. You can find one of them by searching "А зима будет большая - Газпром" Song lyrics is "Winter will be very big he-he-he"
yeah, most is use for heating(could be replaced in future) & some of the heavy industry(way harder to replace) I think, we will be forced to go some "hydrogen" way in europe at some point. We cant rely on unstable regimes and borderline enemies with strategic resources, so while hydrogen isnt cost effective now, it is still better national security wise, so we dont get blackmailed every other year.
@@amberandrews6842 they tried with Igor M but he turned out to be a clown. When the older folk have passed maybe those who are left will have a chance.
20:33 Germany didn't need the gas for the power stations, Germany needs gas for household heating. 50% of households in Germany heat with gas. On the other hand Germany has still a large amount of coal power plants in reserve if the gas power plants need to be replaced.
That and certain industries need a lot of gas for their production as well. The times of cheap and "reliable" russian gas are over, done and dusted levels of over. I can assure you Germans won't freeze to death or something, most regions barely see below freezing temperatures in winter. Yes, life without cheap gas SUCKS, big time. But it's not the be all end all for Germans that Russia wants some folks to believe.
@@Oomph6006but physics is a real b*tch. It takes energy and money to get from gas to liquid. LNG isnt the preferred way to move nat gas. Pipelines are cheaper. Trans Atlantic pipelines aren't a thing.
@@peterpan4038 sucks for germany that cost increases will make more headwind on industry, less competitive for manufacturing. Also, comedy gov coalition won't help with sorting anything out any time soon.
The schematic on the pieplines is not fully correct: There is a Hub in Baumgarten/Austria which then diverts a part of the gas to western hungary and the "West-Austria-Gasleitung" goes right through Vienna, Lower Austria, Upper Austria, and then to Bavaria. Additionally, there is the "TAL - Transalpine Pipeline" which delivers oil from Triest via Austria again to Bavaria.
Did you miss the news that Gazprom from today onwards no longer delivers Gas to Austria? Just look it up in the news don't just accept random claims on social media.
Yep. And Austrian Minister said that their reserves are 93% and when this happens then they will reverse the pipeline. Germany supplies Austria through its ports. Well basically any port like Rotterdam. Huge hub.
@ Not all of it. Germany has reserves there. What I mean there are other ports that can take the gas for the Austria and then that is passed trough other countries to Austrians.
Ahh isn't it the other way around Russia stopped delivering? Not sure exactly what is going on though so i could be wrong. Or i could be right but its a ploy from Austtria to get out of the contracts they have with gazzprom. Things are a bit complicated.
Wow! Should we celebrate, Austrians? But their last bank is still work in Russia, the LAST Western financial institution. Austria is EU India: no dignity, no principals, money, money, money...
Just like McDonald's, Starbucks, and many other's, no one wants to do business with a child kidnapping criminal that needs to be in jail. Who can blame them, would you be ok with your child being kidnapped?
Czechia: gas powerstations are used only as balancing (solar and wind), not in baseload. Pipes for transport LNG (not from Russia) are in service, with special German transport fee. Storages have 85% today (3months consumption).
Gas pipelines exists. The Czech republic has good connection to Germany. Slovakia is connected to Poland and the Czech republic and Slovakia and Hungary are connected to Croatia. Poland has pipe to Norway, LNG terminal and an interconnection to Lithuania (LNG. terminal in Klaipeda) Slovakia is talking about LNG terminal in Budapest. They are landlock, but they have the Danube. It is more the question of prise for them. Slovakia and Hungary are among four poorest countries in the EU.
"They wanted to come out against Ukraine in the politics " in your summer is obviously incorrect. Aside from that, those countries have had 3 years to come up with an alternative. Too bad for them . I'd like to feel sorry for them, but I can't. They should have funded regasification plants in Belgium and Germany. No sympathy from me.
Sympathy should go only towards the ones, which were actively trying to replace russian gas, but it still hikes their prices(like Czechia for example).
It takes 3-5 years to build a LNG plant. Assuming you have the personnel with the expertise and the equipment to build it is readily available. Neither of these two factors are available for Russia.
That 2019 agreement should have been annulled on day one of this conflict on the basis of "force majeure", the advent of war. But, for political reasons, the EU has allowed the Czech Republic and Hungary, both land-locked nations, to continue receiving gas from Russia, and Ukraine has been forced to continue to allow the Russians to make money on the gas transshipped thru Ukraine to those countries.
Not much of politcale reasons. We did need to build the infrastructure to recieve the extra LNG we needed. And doing that and shipping the extra to centrale europe would be stretching things a bit. Might have been possible but then it would cost and well our own first so bye bye aid to Ukraine. Now we can just blame the country's for not getting an alternative route in and shit on them (well if the Tjechs need help thats fine).
I am from Austria. And since 4 p.m. today, Austria has not received any more gas from Russia. Gazprom has stopped supplying OMV. The reason: an arbitration court has decided that Gazprom owes OMV 230 million euros. OMV wanted to offset this against gas deliveries. A gift for Austria, as we have take or leave contracts until 2040, which were broken by this decision by Gazprom. Austria is independent in the meantime. Slovakia and Hungary are not.
Insane that a company which is approaching bankruptcy (Gazprom went from ~20bn profit in 2022 to ~7bn loss in 2023; that will be even worse this year) actually volunteers to waive sales volume.
But otherwise Austria and its people are ok dealing with invaders and war criminals. No surprise here knowing which person Austria brought to the world, and now something similar to that Austrian's G is sitting in Russia. Soft sport, Austria?
To make things a little more entertaining, Gazprom has now stopped supplying gas to the largest buyer here in Austria, OMV. However, OMV has sued Gazprom for damages of 230 million euros because Gazprom had cut gas supplies in 2022. In return, OMV did not want to pay anything to Russia for the gas until the 230 million had been settled. But it doesn't really matter whether Gazprom ends the supply now if Ukraine stops the transit at the end of December anyway. But it is not a problem for Austria as there are enough other countries that supply gas. Austria has also bought gas from Russia up to now because they had a contract under which they have to pay even if they don't get any gas. This contract, which is so unfavorable for Austria, was almost certainly concluded because Russia had bought some decision-makers here.
Maybe you should mention, why Spain, who got high capacities for liquid gas, can not deliver to Germany or Austria. France has blocked any pipeline for centuries, because they want to sell their electricity from nuclear plants and support heir own ports. This problem is known for a long time, and nobody did something.
Decline to renew is not cancelling. Ukraine protected other countries by not cancelling mid contract. Expiration is good. Thank you for the education on the situation.
There is a wrong infotmation @ around 9:50.as at least Slovakia doesn`t really need a gas for an electric as more than 55% of electric energy is made in nuclear power plants. It`s only about 10% made in gas power plants. Even hydroenergy produces 6% more of electric power than a gas. Gas is being used mainly for heating, not electricity. And I think, the simillar story will be with Czech Republic.
The Nordstream pipelines do no longer work but the inner German pipelines which were build to distribute the gas are still there, and they go to these landlocked countries. It should be easy to anchor a few regasification ships in the Baltic Sea near Lubmin and use them to change LNG to normal gas. But that could mean changing Putin for Trump...
@@BKastrosky Austria's OMV had to sue to get out of the deal, because payments had been made in advance for - Idk - several years previous to the ukraine-desaster, so - OMV (Austrias state owned minereal oil company) sued the russian state to get some of the money back to get out of the deal, Russia then canceled the deal.. so what...???
Hungary has not been nice to Ukraine. Took the risk that not supporting UA would result in Russian victory and the pipeline deal continuing. Has lost that bet. The expiration of the deal does not mean that the shipments will stop, only that Hungary has to rethink its position. Other than receiving royalties, UA has no incentive to keep the gas flowing.
I think USA just made a mistake thinking that the cold war was over when the Berlin wall fell. Now you are owned by the Kremlin. It is very unfortunate.
@@bencarter7839 Perhaps you do? Umberto Ecos 14 features of Fascism is probably the best, most concise set to start with. Google is your friend. Enjoy!
@10:10 You see a gas distribution problem in and for Europe. I see a target-rich opportunity and market for deploying battery storage and solar cell capture of *_free_*_ solar energy._
We do import some from Denmark but I think that is mostly for supplying the refineries. One of them talked a bit about using hydrogen from electrolysis of water instead but getting a power line approved and built was apparently not a quick project...
France and Italy have qeustions to answer regarding their 'dependency' on russian energy exports. No excuse: 3 yrs and plenty of coast to change suppliers. Hungary and Slovakia are pro-russian and probably banked on Ukraine being destroyed quite quickly, and both have opposed military and other support for Ukraine since the invasion. No sympathy there either. Austria? wth is their excuse?
Austria had a long lasting contract which ends in 2040. They couldn't get rid of it. Until today, because an international arbitrary court ruled that the Austrian gas company had to receive 320 million Euro's from Gazprom. Russia refused to pay and refused to continue to continue the gas flowing to Austria if Austria would start to compensate payment of that gas with the 320 million. Austria has been pretty smart, because they have immediately cancelled the gas contract with Russia. And in the last couple of years, the pipelines connecting Austria with Germany has been prepared to compensate the loss of the Russian gas.
"Just change suppliers at 4X the cost." You do realize that it makes more sense to accept Russian gas and use the money and energy to build weapons to oppose Russia??
@@PetervanderKnaap-i4b Oh, contract.... Which "contract" Austrian Raiffeisen Bank has? The ONLY Western bank that didn't leave Russia and pay billions to Russian budget.... Austria is no better than Hungary and Slovakia.
I switched from natural gas to propane. It burns hotter and is better. I use 5 to 25 gallon metal bottles and it works much better than natural gas. I know that won't work for producing electricity but my heating needs are taken care of and it's actually cheaper.
Czech and Slovaks produce most elektricity from nuclear (germany and austria closed theirs, austria mostly hydro - Alps), gas in CZ and SK is mostly for residential use (heating)
Joe. natural gas wells are touchier than crude wells about throttling- when you try to slow the output at the well head it disturbs production a bit to a lot depending on how much and how long you do this- this one of the biggest why's to gas flares- they are necessary to establish the flow and maintain it. Go look at a night time satellite picture of the Bakken gas field in the US- at first glance you night think it was a city, a big city in the middle of nowhere. Dead heading, or shutting them in will definitely have overall negative impacts on production going forward. So, to keep "all that gas", Russia either has to store it or sell it as fast as it normally wants to flow. Then there is the intense cold effects on much slower crude lines- another long erm problem for production; Trade secret; a bajillion cubic meters of gas that you cannot get out of the ground makes no money, and costs a lot to fix. It has taken some time, but I think we are already seeing some of the effects on their output. Joe, if you have a moment, read up on oil production, the methods to lift crude and gas to what ever secondary refinement or treatment before it is a salable item. Look into the technical hows of pipelines- how much pressure, how strong, how corrosion protected, how they are built on land and at sea. Take up some of the industry history- it is very useful in predicting how they respond to certain situations. You have a fantastic understanding of how the business was and now is operating- now add the depth in the above topics- much of what I know is regularly discussed in trade journals like "Oil and Gas Journal", by publications of the API(American Petroleum Institute)- which are very industry friendly, but reveal a lot of what goes on behind the curtain. Include the SPE- Society of Professional Engineers in Richardson , Texas as well. I don't think there is any chance you will become a "drill babe, drill" type- but a better technical understanding would help your analysis of what you see.
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When Russia invaded Ukraine (twice! in 2014, and again in 2022) it essentially tore up any agreements it had with Ukraine -- including the Budapest Memorandum under which Russia *guaranteed* Ukraine's sovereignty and territorial integrity. And yet, Ukraine continued to uphold and honour agreements that *it* had with Russia, including gas transit through its territory. Under international law, Ukraine would have been entirely at liberty to end that agreement once Russia made itself an implacable enemy. And yet, it didn't, for the sake of prospective allies in Europe and in spite of the fact that the money those countries were paying Russia ended up funding Russia's aggression against Ukraine!
That says a lot about which of these two countries, Ukraine or Russia, can be trusted to honour any treaties or agreements it signs with other countries.
Exactly.
Russia is now the centre of European fascism.
Saudi , Russia , Kuwait and Angola are just 4 countries that I have worked in , on drilling rigs, where people did not understand or read or abide by the CONTRACT . Western enterprises depend on contractual agreements to function and to be profitable. The idiots who cannot do this or who are corrupt cause continual shut downs so that they can argue. Engineering does not work like that. Saw a rig shut down in the middle of a cement job to argue. They succeeded in cementing up the whole rig
@@Bob-nd2mr This is why BRICS will never amount to a hill of beans. Such an international currency cannot properly function without the rule of law, and with the rule of law you tend to get democracy. That is, if someone doesn't ruin it all by breaking all the laws.
Ukraine needed gas for themselves. Russia could not cut the pipeline because they needed the money from Austria and Hungary.
A few notes from an ex-oilfield guy. 1. Russia will be forced to shut-in many of their gas well if they don't have any place to ship it. 2. Gas wells are notoriously difficult to bring back online once they are shut in. It's not just a matter of opening a valve. 3. Much gas is produced as a mixture with oil. So, shutting down those wells will also reduce oil production, resulting in a further economic hit. 4. This is not just an immediate economic problem, but one that can last for many years without western help to restore production numbers. I don't see that happening. 5. Putin is screwed.
Re: (5) maybe, but it doesn't make sense from Putin's self-interest perspective.
Only 2 scenarios make sense:
1) He's insulated himself from reality but still holds sway over all those who aren't
or
2) He knows something the rest of us don't and is just waiting for that game changing reality to present itself
Which is it?
Thanks for your simple understanding of what is going on!
I believe they are just venting the methane into the atmosphere
@@hillbilly4895 I vote for #1 and will add that no one in Russia dares to bring him bad news, including on the economy. Bad news or criticism usually results in a trip out of a window.
Which is winning the information war against the west. The only war that matters in his perspective and he is not a stupid person.
He is also no genius. This whole war was a f$%up. He is trapped in his own mistake. If he wants to survive he can't loose.
Saying these countries "have been struggling to find alternative affordable supplies".
Is a very generous way of saying "Has not cared AT ALL to stop buying gas from Russia, even denying offers from neighbouring countries"
Exactly.
They have chosen to not find alternatives because it was the cheapest for them to continue to buy gas from Russia.
And now they are paying the price for that.
And I do NOT feel sorry for them at all.
That is correct. Poland offered to install floating gas terminal in Gdansk port, infrastructure to pump such gas to south is there, but there were no takers. Nobody was even interested to start any talks.
Even though I agree with you, please feel for my relatives and the other over 50% of Hungarians who didn't vote for the corrupt treasonous idiots running the country.
And shut down nuclear power stations.
@@kubapuchar7069Whose gas and at what cost?
Those countries who still buying gas from Russia said they haven't found a good place to buy gas, when Ukraine cut the gas pipes you will see how fast they will find a good source of gas!
Finding a source is one thing. Having a delivery system is another.
@@raydunn2582 ehh it will come through the same pipes as now,, didnt you hear what was told in the video ?? gas can flow both ways in pipes ;o)
Nice opportunity to get Orban and Fico back in line ...
Good point
@@cmtwgrdk2748 It certainly looks that way based on the maps Joe used. I assumed that there is/are some other problem(s) since he only mentioned the Yamal-Europe being used in reverse, probably since it the only one currently being used that way. Also, can the European de-liquification plants process enough gas for everyone? Only winter will tell.
A correction here at 22:13 -- Ukraine is *not* cancelling the agreement on Russian gas transit. It is simply allowing it to expire naturally, having fulfilled its five-year obligation. Not renewing the agreement is not the same as cancelling it.
Just as Russia decided not to renew the grain export agreement through the Black Sea from Ukrainian ports. We cannot expect Ukraine to enter into a new agreement with a country that has invaded it and is waging an aggressive imperialist, colonialist war against it.
Well said sir.
Just subscribed.
David and Lily Reading.
One would think that all contracts would be null and void when one of the parties invades the other one. Weird.
@@georgea.lozano2619 Mostly it's about Ukraine's relationship with European allies.
@@georgea.lozano2619 yeah that's crazy if Russia invaded Ukraine you would think France would stop French companies from importing almost 4.4 billion cubic metres of Russian LNG in the first half of this year. it's almost like America pulled off a color revolution in Ukraine. because BP had a deal for the gasoline underneath of Ukraine. and Shell, BP, Chevron, ExxonMobil and TotalEnergies have paid $200 billion to Ukraine for no apparent reason.
As the war was being prosecuted between both countries, how were Ukraine and Russia dealing with each other about the gas transit ? Was Ukraine letting the gas flow and was Russia paying Ukraine ? Two nations at war with each other can still trade with each other ? It's a bit silly, isn't it ?
Countries like Hungary have shown no interest in helping its neighbour and have actually been obstructing all negotiations. I think if Hungary had shown more interest in helping Ukraine the situation would have been different and it would be a harder decision to make.
Now the most prioritied thing is just not giving Russia any more money the use to build weapons and therefore the right thing is to end the deal. Also remember that Ukraine could have cut the gas from day 1 but did not and just let the contract continue until it expired as planed.
When war started the Hungarian people organised themselves and used their own money and time to help refugees. The government got so scared they practically chased away the volunteers. They forcefully took over to do a worse job. Over half of the country never voted for Orban.
There is no excuse for what the Hungarian government is doing, but the whole picture is more nuanced.
There's a massive difference between 'not being able to' and 'not being bothered to'.
It's not like these European countries have had 3 years to sort out alternatives. Its should be no suprise to these countries that Ukraine will stop delivering gas given what Russia is doing with the money they earn from it
I did my part, my house was fully changed to electric plus heat pump. No gas usage. Problem is flats in big cities, condo admins function poorly, and those could potencial lay play a huge part in the shift.
I agree completely. Stop the cross border flow completely.
I am from Austria. And since 4 p.m. today, Austria has not received any more gas from Russia. Gazprom has stopped supplying OMV. The reason: an arbitration court has decided that Gazprom owes OMV 230 million euros. OMV wanted to offset this against gas deliveries. A gift for Austria, as we have take or leave contracts until 2040, which were broken by this decision by Gazprom. Austria is independent in the meantime. Slovakia and Hungary are not.
Orban thought good relations with Putin enough to save the gas supply.
Congratulations.
Many thanks for Your informative video from Austria
Joe always thanks❤ Love from South Korea 🇰🇷👍🏻
Orban should have been a little more diplomatic when dealing with Ukraine.
It will be also quite interesting now, because he will have to become quite cooperative with the countries he is basically blackmailing(the rest of EU)
Orban is now going to reap what he sow and he is NOT going to like it as the Hungarian people are going to get very angry very soon.
Including many people with much money and many bad criminals working for them.
He is terrible at diplomacy. He almost succeeded to take the country from an EU and NATO member to a Russian vassal state. No gas will force him to make compromises though.
@@Scroapy Well 2 can play that game and we in europe don't really like Orban so i don't think we are going to bail out Hungary.
The problem is Joe Blogs missed the whole South Stream pipelines through Bulgária, Serbia, slovakia, Ausztria. So Joe arguing completly wrong
Another thing to note is Canada's MASSIVE new LNG terminal being built on the west coast and opening in mid 2025. At a cost of over $40 Billion it is the largest construction project in the 150 year history of Canada. This is going to replace any potential russian LNG going to East Asia (Japan, Taiwan, South Korea, etc...) as well as the LNG coming from Qatar. Then Qatar can increase its exports to Europe to replace this russian gas.
Yes, but the current government is garbage. Once the conservatives take control, I believe Canada can fulfill Europe's supply.
It seems that North America (USA and Canada) are doing well out of this war. It's an ill wind that blows nobody any good.
Thank you British Columbia and the rest of Canada! 🇨🇦
These countries have had three years to figure it out. If they haven't, at this point ... incompetence is raging in Central Europe.
orban is a putin puppet as is pellegrini.
What do you suggest, wind power?
With Viktor Orbán in power, Hungary has become poorer and more corrupt, although Hungary was not a rich country even before that. Expectations should be correspondingly low.
@PhilippeMichaud-Boudreault . absolutely! We all know how much wind Europe can generate lol
It's not just incompetence. I don't know about the other three countries but Orban's government in Hungary has done everything they can to prevent the development of alternative energy sources there. They do have plans to build two new nuclear power plants but they're not planned to be ready until 2030 and they're mainly financed by Russia so there will probably be serious delays.
Where there is no will, there is no way and that's exactly the situation in Hungary. We have to feel sorry for the Hungarian people of course but their government got exactly what they asked for.
Slovakia and Hungary have NOT. BOTHERED to find alternative sources of gas, Ukraine has every right to NOT renew any contract once it expires 🇬🇧🥶
Slovakia has an alternative supply from Norway. There is a pipe connecting them to Poland. They do not buy all all from Russia.
Finland cut their Russian oil several years ago. They felt, rightly, that Russia was trying to resurrect an unsustainable Soviet Union. I am surprised that Chechens would ever fight for Russia.
@@Pbav8tor Welcome to the real world. Not all Chechens are separatists.
One would think that all contracts would be null and void when one of the parties invades the other one.
Unfortunately true. That corrupt piece of $%^ Orban did nothing to protect the interests of Hungarians. I see similar stuff in other countries but Hungary is one of the worst offenders of going against their own long term interests for short term internal political reasons.
one thing that has to be understood, ist that Russia worked since the late 1960s to make Central European countries dependent on their - intentionally cheap -gas
They bought off germany, which is the biggest issue in all this mess. Germans gave them too much money over the years and also germans shut their nuclear power plants based on pressure from activists paid by the russians.
It was more about oil. To be ready to invade the West.
Then Germany asked to have the EU included too- why not???? Sharing not fighting is better!!!!
What a crime, selling cheap energy so their economy can prosper.
@@ryanschwan2507 it might even have begun only like that, so it is doubtfull - the "addiction" motive was definitely high on the agenda, including the killing of the southstream pipeline project around 2012-13
🇺🇦 thx Joe, excellent analysis. 🇺🇦 It's gonna be a cold winter in Hungary.
Super relevant and important report. Thank you Joe.
they have had over two years to sort their gas supply...and have done nothing.
Oh we did!
Austria just forced Russia to cut supply, now they are ready.
Russia did not have to honor its protection agreement with Ukraine for giving up nuclear weapons, but Ukraine had to honor its gas pipeline deal with Russia? 🤯
I don’t think Ukraine had to, they probably did it to keep the countries still using it on their side.
It was Ukraine's choice to be a grown up...
I think they don't want to cause human beings to suffer in the freezing weather.
They also earn substantial money themselves. And keeping something going also gives them leverage in negotiations.
@beyondEV except pootin's negotiations is that he wants to control the two massive lithium deposits, the natural gas deposits, the mineral rich Eastern Ukraine, and the rich farmland. There are multiple reasons he wants Eastern Ukraine, and they all revolve around stealing the natural resources, and leaving Ukraine smaller, weaker, and poor. Which is why Ukraine isn't interested in pootin's ideas for a new border....
It's always crazy to hear how much money is made off of oil/gas PER DAY
try using the grown u word FROM
That was really interesting and excellently delivered, thank you.
Frankly, I'm amazed that Ukraine has maintained the contract as long as they have.
I wonder how much income Ukraine is losing by not renewing the contract? I totally support them not doing it, but I worry about their finances now they have lost the USA as an ally.
@@kevinleecaster2698I think they will and should use the 350 billion dollars in frozen Russian assets.
A wise move, saying "we are civilised, we keep our word"
Not to get more enemies in Europa.
@@bobcousins4810 Ukraine follower rules and agreements.
Unlike their neighbor in east.
I'm so concerned about the loss of revenue to Putin NOT.
Orban can freeze and maybe his supporters will get pissed.
THOSE WHO DO NOT LEARN FROM THE MISTAKES OF HISTORY CONDEMN THEMSELVES TO REPEAT THEM
I 100% agree.
The people in Slovakia and Hungary can all freeze and suffer the entire winter and struggle a lot with paying their bills and buying their food and I couldn't care less.
The reap what they sow from electing the leaders they have.
I totally agree. It is the price for giving the EU the finger at every turn and NATO too.
Solid report thanks Joe
From West Yorkshire UK
No big surprise that Austria, Hungary and Slovakia did NOT "find" alternatives to Russian gas as their governments are very Russia friendly, especially Orban and Fico. Ukraine fullfilled their contracs even through the war, a war Putins Russia has started and is brutally waging even on civilians. So yes, Ukraine has every right to not further extend the contract.
Slava Ukraini
"a war Putins Russia has started and is brutally waging even on civilians" Check out the facts and try to keep to reality. Ukraine is LOST and shoud have remained neutral as required by agreements.
All this countries were Nazi allies in WW2 and continue to be hidden nazi states.
Austria has already found alternatives, so maybe you should not be so quick to judge.
@@nickwinn7812 Glad to read this 🙂
@@yamaneko-ex8fy I'll add that Austria is one of Russia's most important sub-HQs/bases of operation for intelligence/influence operations in Europe, and so Austria very much ought to be judged for allowing this anti-European corruption and influenceering to not only linger, but thrive in their country.
Heck, the biggest party in their last elections is a Pro-Russia far right party, that literally tried to solicit bribes from people they thought to be Russian agents a few years ago (the so-called Ibiza Affair).
Denmark will soon again be a net exporter of natural gas
i thought we were already? Are the Tyra field really not ready yet?
Looks like slight net importer right now but some of that is going into storage.
@@thegreatdane3627Tyra gas field has recently been put back online - so we are now exporting.
Thank you! 💪💪🇺🇦💪💪
The russians are full of gas in a closed room.
Quite a conundrum .. and the little guy always seems to suffer... but as they say, necessity IS the mother of invention.
It is interesting to note that 3 of the countries that are big buyers of Russian oil and gas are the same countries that have the poorest relationship with Ukraine (Hungary, Slovakia and Austria).
Correct
Of course, they have brains!!!!
@@rosemaryanaisanesse Obviously not.
@@rosemaryanaisanesse no, they put them self in a blackmail trap,, so for sure they had no brain,, they WHERE warned
@r : Brains? You’re definitely missing them if you make yourself reliant on Russia.
Today (24/11/16) Gazprom stopped supplying gas to Austria.
What happened to the cost of gas there?
@@gregorymalchuk272 not too much at the moment as the reserves shouldbe plenty for a year or so.
We in Bulgaria took the first hit for the rest in EU in the first revolving weeks of the invasion/war. Since we are small and good target for bullying, Russia wanted to make an example from someone so it can scare the EU. Thankfully 2 things played into ruining this attempt:
1. Since we are relatively low gas consumer, we had alternatives building up and we didn't end up cut and dry. I couldn't believe it myself, but we still had good relations with some of our neighbors. I despise radical patriots as thy get in the way of diplomacy and in this case - diplomacy played its role
2. Since EU are not exactly big fans of us, it was Ok that we took the hit (one for the team, right?), which exposed 2 things: Russia is a piece of shit bandit state (it never changed really), EU doesn't give a lot of shit for us. But this had the opposite effect and showed everybody that Russia is not dependable so that wake up call made all of us...or well... most of us to seek alternatives ASAP.
Despite that I still love the Europe I remember from my childhood and I hope now with Trump election, this will be a good wake up call, things will change for good, despite the shaky EU leadership and someday we (in Eastern Europe) may be even treated as more than 2nd class citizens.
I know that the Nordics despise us, but they haven't seen the core, the true citizens of my country, since not a lot of us decided to emigrate and unfortunately the majority who chose to walk around Europe are not our best, brightest or civilized (some of them don't even considered themselves Bulgarian and just happened to be born here), but even so - since we are Europeans, no matter how many malice regimes tried to change that, we are not devoted fanatics to fictional books and we don't rape or pillage the country we decide to visit or chose to do some overboard work in.
@@desireless4092As a European, I’m sorry to hear Bulgarians feel that way. In NL, I never come across these feelings. For Hungary the feelings more in line with what you describe due to the fact that Orban is hugging Putler.
@@larsp5109 one Bulgarian...
Joe. Great to listen to you. Allways.
Morin' Joe. Thanks for the news. I hope you have an awesome weekend. Please don't burn out. Take care of you,too.
Never understood why countries put all their energy needs in the Russian basket ? I thought it was daft 🤷♀️
Well a lot didn't actualy most didn't and 3 out of those 4 country's it was a legacy arrgement that beneifitted al. So only Austria really f-ed up. We would have been in trouble if we had a really hard first winter and we did take an economic hit but thats about all. Also i'm dutch wew could have reopened our gasfields that would have been enough to keep the netherlands Germany and Belgium going if it had been a hard winter. Yes it would have been chilly in a lot of homes but nobody would have been freezing.
You might wanna read up on whats real and not what some of the media is spoofing to make an extra buck.
Arrogance. They're smarter than the rest of the world. Have you forgotten?
Because their leader's pockets are full with bribes. Ask Merkel and other German politicians.
@@arturobianco848 in Austria it was much less politics, but the arrogance, short-sightedness and greed of the still near monopoly, former state owned, now long privatised OMV - and it's german CEO. OMV told the politicians that all was hunky dory, and they believed it - like most Europeans, who would not belive, that Putin would make that step to far.
I must correct you. First ruSSia stopped gas transporting over nord stream pipelines trying to blackmail European countries and only after that "mysterious explosion" happened.
Pipe 2 was not in use, it wast in test phase but not got permission to run. Then it was gone.
@@juhajuntunen7866 prior to "mysterious explosion" ruSSia claimed that multiple technical difficulties happened on compressor station inside of ruSSia and ruSSia stopped gas transporting saying "we do not stop it intentionally in violation of our contracts - it's due to technical issues but you will be frozen to death in Europe. But it's not us who stopped." And they even created a lot of propaganda videos about future of freezing Europe. You can find one of them by searching "А зима будет большая - Газпром" Song lyrics is "Winter will be very big he-he-he"
I think you are incorrect. It completely cut transport in August and the line was blown in Sept.
But that isn't a correction. He said the same thing.
Czech Republic uses natural gas for power generation only 8.3%
yeah, most is use for heating(could be replaced in future) & some of the heavy industry(way harder to replace)
I think, we will be forced to go some "hydrogen" way in europe at some point. We cant rely on unstable regimes and borderline enemies with strategic resources, so while hydrogen isnt cost effective now, it is still better national security wise, so we dont get blackmailed every other year.
And most importantly, we are not buying any Russian gas since March 2023 and oil purchase will be stopped in 2 months, on 1.1.2025
@@Scroapy hydrogen should become cost effective actually if there is big market. Question is, is it safe. If it is is... lets go.
They had 5 years to figure it out, they just don't want to. Slovakia pro Russia, Hungry the same.
Slovakia has the issue Ukraine used to have. They have some pootin Oligarchs in powerful positions. The people are getting sick of it.
@amberandrews6842 and only shit politicians to choose from.
@@emersonmsd they keep getting offered Pootin puppets.
@@amberandrews6842 they tried with Igor M but he turned out to be a clown. When the older folk have passed maybe those who are left will have a chance.
I prefer these longer form videos. Thank you for what you do!
An informative video after a long time.
20:33 Germany didn't need the gas for the power stations, Germany needs gas for household heating. 50% of households in Germany heat with gas. On the other hand Germany has still a large amount of coal power plants in reserve if the gas power plants need to be replaced.
No problem then get those coal fired stations going
@@harveyhill6102 NO... USA could start with not over billing those countries in Europe in need for gas...
That and certain industries need a lot of gas for their production as well. The times of cheap and "reliable" russian gas are over, done and dusted levels of over.
I can assure you Germans won't freeze to death or something, most regions barely see below freezing temperatures in winter. Yes, life without cheap gas SUCKS, big time. But it's not the be all end all for Germans that Russia wants some folks to believe.
@@Oomph6006but physics is a real b*tch. It takes energy and money to get from gas to liquid. LNG isnt the preferred way to move nat gas. Pipelines are cheaper. Trans Atlantic pipelines aren't a thing.
@@peterpan4038 sucks for germany that cost increases will make more headwind on industry, less competitive for manufacturing. Also, comedy gov coalition won't help with sorting anything out any time soon.
Excellent update.
Long before time gas dependency should have been changed to alternative fuels or green alternatives. Let alone funding Russia!!
New pipelines should have been linked to coastal gas fed countries
Joe Blogs news are always the best!
The schematic on the pieplines is not fully correct: There is a Hub in Baumgarten/Austria which then diverts a part of the gas to western hungary and the "West-Austria-Gasleitung" goes right through Vienna, Lower Austria, Upper Austria, and then to Bavaria. Additionally, there is the "TAL - Transalpine Pipeline" which delivers oil from Triest via Austria again to Bavaria.
Did you miss the news that Gazprom from today onwards no longer delivers Gas to Austria? Just look it up in the news don't just accept random claims on social media.
Yep. And Austrian Minister said that their reserves are 93% and when this happens then they will reverse the pipeline. Germany supplies Austria through its ports. Well basically any port like Rotterdam. Huge hub.
Well now they can all weigh it in for scrap.
@@verttikoo2052 Well Germany bought Rotterdam??
@ Not all of it. Germany has reserves there. What I mean there are other ports that can take the gas for the Austria and then that is passed trough other countries to Austrians.
Such AN enlightening video. Many many thanks for sharing, thanks from Italy
Oh, Hungary forgot about Russian tanks in the town square over cheap fuel. From those same gangsters as last time.
Hungarians: no memories, no proud, no dignity. Disgusting nation
Good Job Joe , your one of my go to guys for info , no BS Brliant ,
"...mysterious explosion..."
"We have our ways"
-Joe Biden
Then it get blown up "mysteriously" 😂 love it
Thorough analysis, Joe. Thank you and stay safe.
So thorough and informative!
This channel is one of best on yt imo. Very interesting topics, and a lot of work behind every episode. Thanks a lot Joe.
9:00 The majority of the natural gas in many countries is used for heating. Also the industry needs natural gas because of its chemical properties.
A major proportion is used in gas turbine power stations to make electricity
@@alexjaybrady Because Germany closed nuclear, put carbon taxes on coal, and banned hydro fracturing.
Super informative and cute in the end! Thank you so much
Austria stopped bying natural gas from russia yesterday.
Finally...
Ahh isn't it the other way around Russia stopped delivering? Not sure exactly what is going on though so i could be wrong. Or i could be right but its a ploy from Austtria to get out of the contracts they have with gazzprom. Things are a bit complicated.
Wow! Should we celebrate, Austrians? But their last bank is still work in Russia, the LAST Western financial institution. Austria is EU India: no dignity, no principals, money, money, money...
more like russia stopped supplying gas to austria.
Thank you, JB. Good stuff. Appreciate your prep. 💙
Just like McDonald's, Starbucks, and many other's, no one wants to do business with a child kidnapping criminal that needs to be in jail.
Who can blame them, would you be ok with your child being kidnapped?
Apparently, Pepsi Cola and Austrian banks are ok with it....
Thank you. Great information
Czechia: gas powerstations are used only as balancing (solar and wind), not in baseload. Pipes for transport LNG (not from Russia) are in service, with special German transport fee. Storages have 85% today (3months consumption).
Don’t know how you keep up with all this .. but brilliant work …thanks
Gas pipelines exists. The Czech republic has good connection to Germany. Slovakia is connected to Poland and the Czech republic and Slovakia and Hungary are connected to Croatia.
Poland has pipe to Norway, LNG terminal and an interconnection to Lithuania (LNG. terminal in Klaipeda) Slovakia is talking about LNG terminal in Budapest. They are landlock, but they have the Danube.
It is more the question of prise for them. Slovakia and Hungary are among four poorest countries in the EU.
"They wanted to come out against Ukraine in the politics " in your summer is obviously incorrect.
Aside from that, those countries have had 3 years to come up with an alternative. Too bad for them
. I'd like to feel sorry for them, but I can't. They should have funded regasification plants in Belgium and Germany.
No sympathy from me.
Sympathy should go only towards the ones, which were actively trying to replace russian gas, but it still hikes their prices(like Czechia for example).
It takes 3-5 years to build a LNG plant. Assuming you have the personnel with the expertise and the equipment to build it is readily available. Neither of these two factors are available for Russia.
That 2019 agreement should have been annulled on day one of this conflict on the basis of "force majeure", the advent of war. But, for political reasons, the EU has allowed the Czech Republic and Hungary, both land-locked nations, to continue receiving gas from Russia, and Ukraine has been forced to continue to allow the Russians to make money on the gas transshipped thru Ukraine to those countries.
Not much of politcale reasons. We did need to build the infrastructure to recieve the extra LNG we needed. And doing that and shipping the extra to centrale europe would be stretching things a bit. Might have been possible but then it would cost and well our own first so bye bye aid to Ukraine. Now we can just blame the country's for not getting an alternative route in and shit on them (well if the Tjechs need help thats fine).
I read many times that Putin despise "European leaders" and European overall, and rightly so. No principles, no dignity....
Well . . . No one said little putin was the sharpest tack around.
The problem with renewables is scale and theirs nothing out their practical or cost effective to implement to accommodate demand.
MRSA - SLAVA UKRAINE 🇺🇦 ♥️
Thanks.
I am from Austria. And since 4 p.m. today, Austria has not received any more gas from Russia. Gazprom has stopped supplying OMV. The reason: an arbitration court has decided that Gazprom owes OMV 230 million euros. OMV wanted to offset this against gas deliveries. A gift for Austria, as we have take or leave contracts until 2040, which were broken by this decision by Gazprom. Austria is independent in the meantime. Slovakia and Hungary are not.
Insane that a company which is approaching bankruptcy (Gazprom went from ~20bn profit in 2022 to ~7bn loss in 2023; that will be even worse this year) actually volunteers to waive sales volume.
@@HaukeLaging Expected loss this year: 11 billion
But otherwise Austria and its people are ok dealing with invaders and war criminals. No surprise here knowing which person Austria brought to the world, and now something similar to that Austrian's G is sitting in Russia. Soft sport, Austria?
To make things a little more entertaining, Gazprom has now stopped supplying gas to the largest buyer here in Austria, OMV. However, OMV has sued Gazprom for damages of 230 million euros because Gazprom had cut gas supplies in 2022. In return, OMV did not want to pay anything to Russia for the gas until the 230 million had been settled. But it doesn't really matter whether Gazprom ends the supply now if Ukraine stops the transit at the end of December anyway. But it is not a problem for Austria as there are enough other countries that supply gas. Austria has also bought gas from Russia up to now because they had a contract under which they have to pay even if they don't get any gas. This contract, which is so unfavorable for Austria, was almost certainly concluded because Russia had bought some decision-makers here.
Maybe you should mention, why Spain, who got high capacities for liquid gas, can not deliver to Germany or Austria. France has blocked any pipeline for centuries, because they want to sell their electricity from nuclear plants and support heir own ports. This problem is known for a long time, and nobody did something.
Decline to renew is not cancelling. Ukraine protected other countries by not cancelling mid contract. Expiration is good. Thank you for the education on the situation.
I am honestly amazed that Ukraine hasnt just taken the natural gas as partial reparations for the damage done from the invasion,
One would think that all contracts would be null and void when one of the parties invades the other one. Weird.
There is a wrong infotmation @ around 9:50.as at least Slovakia doesn`t really need a gas for an electric as more than 55% of electric energy is made in nuclear power plants. It`s only about 10% made in gas power plants. Even hydroenergy produces 6% more of electric power than a gas. Gas is being used mainly for heating, not electricity. And I think, the simillar story will be with Czech Republic.
🇺🇦🇺🇦🇺🇦🇺🇦
The Nordstream pipelines do no longer work but the inner German pipelines which were build to distribute the gas are still there, and they go to these landlocked countries.
It should be easy to anchor a few regasification ships in the Baltic Sea near Lubmin and use them to change LNG to normal gas. But that could mean changing Putin for Trump...
Done and dusted.
Austria - NOT any longer, deal got canceld two days ago, delivery of russian gas has ended at the 15th of November 2024....
Yeah, too "just" 2.5 years...lame excuse, Austria
@@BKastrosky Austria's OMV had to sue to get out of the deal, because payments had been made in advance for - Idk - several years previous to the ukraine-desaster, so - OMV (Austrias state owned minereal oil company) sued the russian state to get some of the money back to get out of the deal, Russia then canceled the deal.. so what...???
Thanks
Diversify, diversify, diversify...
I'm no expert, but this might cause a *RUSSIAN RUBLE COLLAPSE!! (DISASTER)*
Ha, another "collapse" video soon !!! LOL!
Hungary has not been nice to Ukraine. Took the risk that not supporting UA would result in Russian victory and the pipeline deal continuing. Has lost that bet. The expiration of the deal does not mean that the shipments will stop, only that Hungary has to rethink its position. Other than receiving royalties, UA has no incentive to keep the gas flowing.
Thank you very much!
Thank You Joe. I'm disgusted by my fellow citizens who let fascism take hold in America. I pray we are not finished as a democratic Republic.
Same here it's looking dicey with crazies running the show.
I think USA just made a mistake thinking that the cold war was over when the Berlin wall fell. Now you are owned by the Kremlin. It is very unfortunate.
You may want to look up the term fascism.
@@bencarter7839
Perhaps you do?
Umberto Ecos 14 features of Fascism is probably the best, most concise set to start with.
Google is your friend.
Enjoy!
@@davefave4351 It's the heavy control of society and industry by government.
@10:10 You see a gas distribution problem in and for Europe.
I see a target-rich opportunity and market for deploying battery storage and solar cell capture of *_free_*_ solar energy._
100 Rubles = $1.00!
Next goal 150 Rubel to every Dollar are coming faster than we think 😏
”Europe is totally dependent on natural gas”
Laughs in swedish 😂
It's always a little annoying when people talk about Europe as if it was a single country. This is mostly an issue for central Europe.
We do import some from Denmark but I think that is mostly for supplying the refineries. One of them talked a bit about using hydrogen from electrolysis of water instead but getting a power line approved and built was apparently not a quick project...
France and Italy have qeustions to answer regarding their 'dependency' on russian energy exports. No excuse: 3 yrs and plenty of coast to change suppliers. Hungary and Slovakia are pro-russian and probably banked on Ukraine being destroyed quite quickly, and both have opposed military and other support for Ukraine since the invasion. No sympathy there either. Austria? wth is their excuse?
Austria had a long lasting contract which ends in 2040. They couldn't get rid of it. Until today, because an international arbitrary court ruled that the Austrian gas company had to receive 320 million Euro's from Gazprom. Russia refused to pay and refused to continue to continue the gas flowing to Austria if Austria would start to compensate payment of that gas with the 320 million. Austria has been pretty smart, because they have immediately cancelled the gas contract with Russia. And in the last couple of years, the pipelines connecting Austria with Germany has been prepared to compensate the loss of the Russian gas.
"Just change suppliers at 4X the cost." You do realize that it makes more sense to accept Russian gas and use the money and energy to build weapons to oppose Russia??
@@PetervanderKnaap-i4b Oh, contract.... Which "contract" Austrian Raiffeisen Bank has? The ONLY Western bank that didn't leave Russia and pay billions to Russian budget.... Austria is no better than Hungary and Slovakia.
Joe, at 23.50, I think you misspoke and said "they wanted to come out against Ukraine"
You have very informative videos, thank you.
I switched from natural gas to propane. It burns hotter and is better. I use 5 to 25 gallon metal bottles and it works much better than natural gas. I know that won't work for producing electricity but my heating needs are taken care of and it's actually cheaper.
You realise propane/lpg is made from natural gas and crude oil. If you have no natural gas, you have no propane/lpg... 🤦♂️
Those same countries are also the most putin-friendly…
Another very informative video Joe, keep up the great work! 👍👍
Czech and Slovaks produce most elektricity from nuclear (germany and austria closed theirs, austria mostly hydro - Alps), gas in CZ and SK is mostly for residential use (heating)
Joe. natural gas wells are touchier than crude wells about throttling- when you try to slow the output at the well head it disturbs production a bit to a lot depending on how much and how long you do this- this one of the biggest why's to gas flares- they are necessary to establish the flow and maintain it. Go look at a night time satellite picture of the Bakken gas field in the US- at first glance you night think it was a city, a big city in the middle of nowhere. Dead heading, or shutting them in will definitely have overall negative impacts on production going forward. So, to keep "all that gas", Russia either has to store it or sell it as fast as it normally wants to flow. Then there is the intense cold effects on much slower crude lines- another long erm problem for production; Trade secret; a bajillion cubic meters of gas that you cannot get out of the ground makes no money, and costs a lot to fix. It has taken some time, but I think we are already seeing some of the effects on their output.
Joe, if you have a moment, read up on oil production, the methods to lift crude and gas to what ever secondary refinement or treatment before it is a salable item. Look into the technical hows of pipelines- how much pressure, how strong, how corrosion protected, how they are built on land and at sea. Take up some of the industry history- it is very useful in predicting how they respond to certain situations. You have a fantastic understanding of how the business was and now is operating- now add the depth in the above topics- much of what I know is regularly discussed in trade journals like "Oil and Gas Journal", by publications of the API(American Petroleum Institute)- which are very industry friendly, but reveal a lot of what goes on behind the curtain. Include the SPE- Society of Professional Engineers in Richardson , Texas as well. I don't think there is any chance you will become a "drill babe, drill" type- but a better technical understanding would help your analysis of what you see.
Winter is near 🥶🥶😁😁😁
Let's dance 🤓🤓🤓🤓
Great stuff as usual Joe. You have the best content,
Surprised that the Ukrainians haven’t stopped these pipelines all ready
Very interesting Joe, thank you.
🇺🇦❤🇺🇦❤🇺🇦❤🇺🇦❤🇺🇦
Good presentation, thank you. 😊😊
👌 video! Thank you Joe! Slava Ukraine 🇺🇦!!
Hurray for the myth that Russia is a reliable supplier of fossil fuels.🎉🤡
You and the rest of europa just woke up about it?
@@BKastrosky I always knew that, but others who didn't want to listen had to find out the hard way.😃