Prospects for replacing Russian fuel with Latin American fuel in the European market

Abstract

The subject of the study is the potential of the Latin American energy market in the context of the demand of the European Union market for the replacement of Russian energy resources. The object of the study is the energy resources market of the European Union, Latin America, and Russia. The purpose of the study is to identify the possibilities of Latin American countries in replacing Russian energy resources in the energy market of the European Union. The author examines in detail such aspects of the topic as the dependence of the EU economy on Russian energy resources, changes in the conjuncture in the fuel and energy sector of the European Union, and also touches on the consequences for European economies in connection with the abandonment of Russian energy resources. Special attention is paid to the opportunities of the Latin American region in the development of the European energy market. The prospects of the Latin American energy market are being explored from the point of view of the availability of natural resources, as well as from the point of view of real opportunities for exporting energy resources. The methodological basis of the research is a systematic and comparative analysis, a method of generalization, methods of grouping and classifying quantitative and qualitative data, methods of analyzing quantitative data. The main conclusions of the study are that in the short and medium term, the role of Latin America in Europe's energy security is small due to geographical remoteness and the lack of technological opportunities for Latin American countries to increase production capacities in the shortest possible time to increase energy production. For this reason, in the near future, the countries of the Latin American region will not be able to significantly replace Russian fuel in the European market of traditional energy resources. However, European companies are interested in the potential of the Latin American region in the field of "green" energy. In the long term, cooperation between the EU and Latin America in this area seems to be the most mutually beneficial for both sides. A special contribution of the author to the research of the topic is the study of the conjuncture of the EU fuel and energy complex in the context of energy imports. The novelty of the research lies in the fact that for the first time in the domestic literature the question of the prospects of the Latin American energy market as a substitute for the Russian energy market for the European one is raised.