The International Energy Agency has urged Europe to stop being overly optimistic about gas reserves in underground storage facilities and take urgent steps to prepare for the approaching winter.
It should be noted that storage facilities in Europe are now almost 95% full, which is 5% more than the five-year average.
In its report, the agency warned that “the cushion of inventories resulting from current inventory levels, as well as the recent decline in gas prices, along with abnormally high temperatures, should not lead to overly optimistic conclusions about the future.”
The agency expects a gas deficit in Europe of 30 billion cubic meters next summer if Russia cuts supplies and demand increases in China.
“Europe may face a shortfall of 30 billion cubic meters of gas in the main summer period to fill gas storage facilities, which indicates the need for immediate action by governments to reduce gas consumption in the context of the global energy crisis,” the report says.
In addition, the agency expects a gas shortage in Europe of 30 billion cubic meters next summer, a key period for filling underground storage facilities.
The International Energy Agency has warned of a large gap between supply and demand of 30 billion cubic meters next summer, at a critical time for replenishing EU stockpiles, and this will happen if Russia cuts pipeline gas supplies and China’s LNG imports resume.
Source: Prime
