EU's energy problem will endure for years | MENAFN.COM

Thursday, 09 February 2023 03:00 GMT

EU's energy problem will endure for years


(MENAFN) According to the Financial Times, Europe's energy difficulties will endure for years if demand for gas stays strong but new supplies are not secured, citing industry leaders and strategists.

Even completely stocked gas storages ahead of the winter months, experts warn, cannot ensure that sufficient supplies will be available next summer and the next winter.

At the end of September, when heating demand generally begins to rise, EU states managed to fill their gas storage tanks to 90% capacity. This was despite a decline in Russian supply due to sanctions connected to Ukraine.

“We are in a gas crisis, and we will continue to be in a little bit of a crisis mode for the next two or three years,” Sid Bambawale, the head of liquefied natural gas for the Asia region at Vitol, informed FT at the Commodities Asia Summit in Singapore. “So, let’s not develop a false sense of security.” 

According to the analysts quoted by the FT, the EU has to dramatically decrease energy usage while also finding extra gas sources for the area.

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