European shipments of liquefied natural gas (LNG) are set to fall from record levels as the lowest Asian prices since 2010 remove the incentive to re-export the fuel.

European natural gas will probably extend declines as lower prices for the liquefied fuel in Asia, the biggest buying region, mean more cargoes head to Europe, according to Vattenfall AB, the Nordic region’s largest utility.

Robust recovery in the United States, a moribund euro zone and slowing Chinese growth reflect global splits which plunging oil prices are likely to widen.

The falling oil price is a huge shot in the arm. Nonetheless, it is clear that the ECB will have to do something. There is no growth and the debt burden is too high. The world will be flying on one engine, the U.S., for quite some time.

After last year’s plunges in oil and the ruble, Russian President Vladimir Putin now has another thing to worry about: the price of natural gas.

SHALE GAS IN EUROPE: WE DON'T KNOW WHAT'S DOWN THERE

Russia's decision to redirect the South Stream pipeline toward Turkey came as a shock to many European nations. The European Union's attempts to bargain more concessions from Russians by being intractable on various technical aspects had the opposite effect. Those who pinned their hopes on the project as a source of energy stability were left puzzled and discontented. Although Moscow's move can be interpreted in many ways, it fits into Russia's larger strategy in contemporary international politics.

The last 48 hours witnessed a frenzy of diplomatic activities by Balkan and Southeastern countries with both Russia and Europe, underlining the importance of this area for the ongoing if relatively silent confrontation between Moscow and Brussels/Berlin.

Europe is betting on the acceleration of the Southern Gas Corridor, which has been defined a key project along with the Vertical Corridor from Greece to Romania through Bulgaria.

Europe must wean itself off Russian gas and look to places like the Caspian Sea or the Middle East for alternative supplies, as the conflict in Ukraine underscores the importance of energy independence