OREANDA-NEWS  Europe could face gas shortages for several winters as a result of the Russian supply cut, Shell CEO Ben van Beurden told a news conference on Monday, as reported by Reuters.

“I do not think this crisis is going to be limited to just one winter. It may well be that we will have a number of winters where we have to somehow find solutions,” van Beurden said.

The chief executive pointed out that Europe will remain under pressure as it takes steps to scrap Russian gas supplies by 2027. “If there was no Russian gas supply at all… life would be very hard,” van Beurden noted, adding “We should all be very mindful and responsible when it comes to that.” 

According to the Shell CEO, the expectation of a swift resolution to Europe’s energy crisis “is a fantasy we should put aside.”

European gas and power futures contracts rocketed to record highs last week, with prices reaching around 10 times above the levels where they were a year ago. The rally followed Russian energy giant Gazprom’s announcement of an upcoming shutdown due to maintenance of the only operational turbine on the Nord Stream 1 pipeline. Gas transit via the route will be entirely suspended from August 31 to September 2.