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Exploring the Potential Long-Term Effects of Structural Changes in the Gas Market: Insights from a Chevron Director

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Michael Wirth, chairman and chief executive officer of American oil company Chevron, said that the structural changes that have taken place in the gas market over the past year will be of a long-term nature.

Wirth told an international energy conference in the US city of Houston on Monday that “structural changes in the gas markets, in my opinion, are of a long-term nature.”

He recalled the attack on the Nord Stream gas pipelines, pointing out the impossibility of supplying gas through them, even if there was a desire to do so.

He added: “I don’t think Europe plans to return to dependence on Russian gas.”

Wirth emphasized that “gas markets have changed all over the world. Europe will compete with Asia for LNG. The United States is a major exporter and its role will continue to grow.”

And the director of Chevron considered that this would entail a change in trade trends and pricing mechanisms.

Source: TASS

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