Europe faces ‘unprecedented risk’ of gas shortage, energy agency says

A flame is seen on top of a chimney at the BASF chemical plant in Ludwigshafen, Germany (AP)

Europe faces “unprecedented risks” to its natural gas supplies this winter after Russia cut off most pipeline shipments, the International Energy Agency (IEA) has said.

The Paris-based body said Europe could end up competing with Asia for already scarce and expensive liquid gas that is transported by ship.