(MENAFN- Kuwait News Agency (KUNA))
KUWAIT, Sept 16 (KUNA) -- The world is on the verge of a gas crisis as winter approaches and global demand heads for its peak, the Organization of Arab Petroleum Exporting Countries (OAPEC) warned on Thursday.
A press release from the organization attributed the imminent crisis to the dwindling supplies in the gas exporting countries and the depleting inventories in the importing ones.
The LNG stocks in the European countries usually hit new lows in every winter, the statement noted.
The OPAEC, keeping close watch on the global gas marker, notices that the LNG direct delivery prices in Europe hit record high in mid-September, with the Title Transfer Facility (TTF) Neutral Gas Price Index reaching USD 21 per one million British thermal units (Btu), compared with seven dollars in early 2021.
This is the first time in the history of the gas industry for the TTF direct delivery prices in Europe to outrun their Asian peers, the statement pointed out.
The OAPEC members, particularly the Arab LNG exporting countries, are keen on maintaining the stability of the gas market, it said.
Despite the impacts of the Covid-19 pandemic, the gas liquefying stations in the Arab countries are scrambling to meet 30 percent of the global demand, it added. (end)
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