Natural gas has become a hot-button issue, with leaders across Europe fueling the debate. According to Bloomberg analysts, the actions of European leaders could spark a global battle for the valuable resource. 

Europe is facing a growing shortage of natural gas. If EU countries fail to meet target levels for liquefied natural gas reserves, the situation will only worsen and eventually lead to a scramble for gas supplies, experts warn. However, the issue could be mitigated by putting new production facilities into operation.

Bloomberg reports that Europe currently has enough gas reserves to make it through the winter. However, there are significant risks, particularly a halt in Russian gas pipeline transit through Ukraine, which is expected to create a supply deficit in the euro area by 2025.

According to currency strategists at Bank of America, all of this year's additional LNG imports will be used to fill the gap left by the absence of Russian gas. Sol Kavonik, energy analyst at MST Marquee, shares this view, saying that Europe will need to import an additional 10 million tons of LNG annually to meet demand—almost 10% more than the 2024 level.

As a result, European leaders may turn to LNG supplies that were previously destined for Asia. This scenario could drive gas prices sharply higher and trigger intense competition for resources. Developing nations in the Asia-Pacific region stand to lose the most. Countries such as Brazil, Argentina, and Egypt are also likely to face negative consequences.

Previously, it was reported that European countries had purchased Russian LNG in large quantities. Last year, they bought 17.8 million tons of Russian gas, 2 million tons more than in 2023, according to experts.