Scarcity in terms of supply seems to dominate the energy sector as a whole. Algeria is set to help Italy secure natural gas supply. Iceland is seen suffering from a lack of electricity amid rising demand.
In addition, countries bordering Russia and Belarus have stopped cargo vehicles from entering.
Looking at the bigger picture:
Algeria is set to ramp up natural gas exports to Italy by around 50 percent, Bloomberg reported.
Italy’s prime minister — Mario Draghi — is set to visit Algeria on Monday to seal the deal as the European country drifts away from Russian sources, Reuters reported.
This comes as Italy sources as much as 40 percent of its gas supply from Russia, thus rushing to diversify its sources as the war between Russia and Ukraine lingers.
·Iceland is struggling from a lack of electricity, as all generated power has been utilized amid high demand, Bloomberg reported.
This is mainly attributed to the rise in demand from across both residential and industrial sectors, as well as previous summer droughts, which resulted in low reservoir levels.
·European Union countries sharing borders with Russia and Belarus have stopped cargo vehicles registered under both countries from entering as of Friday, Reuters reported, citing Russian customs service.
This comes amid the latest round of EU sanctions imposed against Russia, including preventing vessels and trucks from accessing the bloc, as well as bans on the imports of wood, coal, chemicals among other products.