Vienna-Sana
The International Energy Agency warned today that measures to rationalize gas consumption in Europe will be decisive this winter, to maintain sufficient stocks in the event of a complete blackout of Russian gas and a late cold wave.
And the Sky News network quoted the Energy Agency as saying in its quarterly report issued today: The gas tanks were 90 percent full until late last September, warning Europe of the consequences of a possible complete disruption of Russian gas, starting from this winter and next year.
The decline in the flow of Russian gas and Western sanctions against Moscow led to a sharp rise in prices in global markets, which prompted the Europeans to supply gas from other sources, by importing liquid natural gas, especially American and Norwegian gas.
In its report, the agency set its expectations for the winter season of stocks in the event of a complete interruption of Russian supplies as of October 1, warning that without reducing demand for gas, and in the event that Russian supplies are completely cut off, the stock will be less than 20% in February, In the event of a high level of liquid gas supply.
The Energy Agency also warned that the stockpile would be around 5 percent if liquid gas supplies were weak, warning that the decline in stocks to those levels increases the risk of a complete interruption of supplies in the event of a late cold wave.
To avoid the scenario of stocks reaching 5%, the agency said that Europe must take decisive economic measures in order to maintain stocks at sufficient levels until the end of the heating season.
According to these forecasts, a reduction in European gas demand by 9 percent compared to the past five years will be necessary to maintain storage levels above 25 percent, if liquid gas flows are not at a high level.
The overall consumption of gas in Europe decreased by 10 percent between the months of last January and August, compared to the same period in 2021, an unprecedented decline, driven by a 15 percent decline in the activity of the industrial sector, with factories forced to reduce their production in front of the significant rise in prices.
European demand for liquid gas increased by about 65 percent compared to 2021, while it decreased by 7 percent in the Asian market due to the factors of high prices, mild weather, and the zero-corona policy in China.
The International Energy Agency expected a 0.8 percent drop in global gas consumption this year, and an increase of only 0.4 percent next year.
The agency's forecast also indicates a rise in Chinese demand for liquid gas, with the signing of new contracts, while a colder winter will increase demand in Northeast Asia.
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