Development in Oil and Gas Retail Industries Essay

Development in Oil and Gas Retail Industries - Essay Example 53 percent of energy European Union consumes comes from its imports that have affected trade balance of because of high imports of fossil fuel (Daly, 2014). Therefore, the union look forwards for reduction in energy dependency in order to enhance energy security, reduce the import bills and affordable energy, to ensure consistency to meet climate and industrial objectives for 2050 (Schweitzer, 2014). The main objective of the European Union is to reduce the dependency of the energy, improve energy security and power system. Russia has been of the major supplier of energy to European Union over the past decades. One-third of the gas demands of European Union are being delivered by Russia. In the EU-Russian Summit heal on 2000; the energy was one of the prominent aspects that were chosen to be a potential lead for the integration of the bilateral relationship (Ehrlich, 2013). The economic and industrial coronation between different nations including European Union has significantly developed through these years. However, the thousands of Russian companies are developing and have created interdependency of energy supply for European Union. Agreement on the global climate and energy targets has emerged to be one of the significant elements in globalization that has to be effectively addressed. Recently, at the European Summit that held on March 20th the government leader were suppose to agree with the climate and energy target of 2030 (Tindale, 2014). However, they discussed more about the energy dependency on Russia, Ukraine and Crimea. The Russian Annexation of Crimea has emerged to be one of the debatable issues in the current political meetings. It is because the high dependency of Europe on Russian Energy that has to be effectively addressed (Tindale, 2014). Russian is one on of the largest supplier of gas to European Union due to