Europe faces an emergency this winter as the continent sees further cutoff of Russian gas, RBC's commodities chief says

Europe is facing a potential energy crisis due to Russia's reduction in natural gas exports.

Since the Russian invasion of Ukraine, energy has become a key battleground. In response to Western sanctions, Moscow has reduced natural gas deliveries to Europe, which usually builds up its inventories this time of year.

The situation in Europe looks like an energy emergency as we head into winter.

Fatih Birol, the head of the International Energy Agency, told the Financial Times that Europe should prepare for a cut-off in Russian gas exports.

German Economy Minister Robert Habeck said the country is in the "alarm" phase of its gas emergency plan and that businesses and households should cut down on consumption.

There was a cut in gas flows to Germany last week. Russia's state gas company said the move was due to the sanctions.

While Europe is bracing for a difficult winter with measures to reduce energy demand, the US hasn't taken the same steps.

She said that the market looked like it would have to be balanced by demand.

The White House wants to temporarily suspend the federal tax on gasoline.

The oil industry is being leaned on to increase supply. Oil executives were invited to the White House.

The administration is trying to get as much oil out of the ground as possible