The reduction in Russian gas supply has created an imbalance in European energy markets that could last for several winters, according to a leading executive from UK supermajor Shell.

Calculating imports of Russian pipeline gas prior to the Ukraine conflict as equivalent to about 120 million tonnes per annum of liquefied natural gas, Shell's upstream director Zoe Yujnovich highlighted what she described as a "massive incongruence".

“Global LNG production is about 380 million tonnes per year, and about 80 million of this is already imported into Europe,” she told an audience at Brazil’s Rio Oil & Gas event.