(MENAFN) If gas demand continues high but new supplies cannot be obtained, the European Union is going to have long-term energy issues, according to a study published on Friday by the Financial Times, which quoted executives and strategists from the sector.
Even completely stocked gas storages before the winter months cannot ensure that there is going to be enough supply for the upcoming summer and winter, the experts cautioned.
At the end of September, when the demand for heating usually starts to rise, European Union countries were able to fill their gas storage facilities to 90 percent capacity. Despite pressure from penalties related to the Ukraine, Russian supplies were reduced.
At the Commodities Asia Summit in Singapore, Vitol's head of liquefied natural gas for the Asia region, Sid Bambawale, spoke with FT, “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.” Noting, “so let’s not develop a false sense of security.”
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