Saving gas has been advised by the International Energy Agency and the European Union to prevent fuel shortages at storage facilities and supply interruptions throughout the winter.
According to the agency’s assessment on the gas market, which was released today, Monday, in Paris, demand must be lowered by 9 to 13% compared to the average over the previous five years if gas reserves are to be kept at an adequate level until the conclusion of the heating season.
According to the report, this will ensure that gas reserves remain at a level between 25 and 30% given the limited flow of liquefied natural gas.
In the absence of a reduction in gas use, and in the event that Russian gas supplies are completely cut off starting in November of next year, storage levels might drop to less than 5% if any liquefied natural gas is simultaneously transported to the European Union. This raises the possibility of a supply interruption in the event of a brief cold snap.
The agency’s analysis predicts that the storage level will stay below 20% due to the increased flow of LNG.
Keisuke Sadamori, the agency’s director of energy markets and security, stated that “the Russian invasion of Ukraine and the sharp decline in natural gas supplies to Europe are causing significant harm to consumers, businesses, and entire economies, not only in Europe but also in emerging and developing economies.”
The future of the gas markets, he continued, “remains uncertain, not only as a result of Russia’s rash and unexpected actions, which have harmed its reputation as a trustworthy provider, but also as a result of all signs that the markets will remain weak until 2023.”
In banks today, Monday, October 3, 2022, dollar prices are unchanged.
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