Following a meeting in Brussels between US President Joe Biden and European Commission President Ursula von der Leyen on March 25, the United States and the EU Commission announced measures to reduce Europe’s dependency on Russian energy, planning to immediately establish a joint Task Force on Energy Security to set out the parameters of this cooperation and execute its implementation.

The US vowed to ensure additional liquified natural gas (LNG) volumes for the EU market of at least 15 billion cubic meters in 2022 with expected increases going forward. The EU Commission said it will work with EU Member States toward ensuring stable demand for additional US. LNG until at least 2030 of approximately 50 billion cubic meters per year, on the understanding that the price formula of LNG supplies to the EU should reflect long-term market fundamentals, and stability of the cooperation of the demand and supply side, and that this growth be consistent with our shared net zero goals.

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