European nations seeking to replace Russian natural gas with US liquefied natural gas imports are facing a difficult choice to either change their business approach or suffer the results of a near-term energy shortfall, according to leading industry executives.

Panellists at the S&P Global Commodity Insight’s LNG Conference in Houston said Europe is set to endure an unavoidable supply shortfall due to a lack of US LNG capacity and continued competition from Asia.

But the attitude of many European governments, they said, shows a lack of recognition of the severity of the situation.