Gas glut risks spoiling Russia’s power games

For the past few years Europe has been fretting about its dependence on Russia for gas.

The bout of Russian muscle-flexing with Ukraine and with western energy companies such as Shell and BP has intensified concern that Europe is becoming increasingly vulnerable to the big bear on its eastern borders.

But few seem to have realised that in fact there may be an opportunity for European countries and their big energy companies to wield the stick against the Russians.