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IEA names expected gas deficit volumes in Europe in 2023

Economy Materials 3 November 2022 17:33 (UTC +04:00)
IEA names expected gas deficit volumes in Europe in 2023
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, November 3. European is expected to see a gas deficit in the amount of 30 billion cubic meters (bcm) next summer, the International Energy Agency (IEA) said, Trend reports via the latest publication from the IEA.

“Europe could face a 30 bcm shortfall in the gas it needs to fuel its economy and sufficiently refill storage sites during the summer of 2023, jeopardizing its preparations for the winter of 2023-24,” the report said.

According to the forecast, the complete shutdown of Russian pipeline gas supplies to the EU, combined with the Chinese LNG imports bouncing back to 2021 levels, will result in a shortfall in summer 2023, at a time when gas storage needs replenishment.

At the same time, this equals almost half of the volume needed to fill storage by 95 percent by the start of the 2023-24 heating season.

“This is based on the assumption that natural gas demand in the European Union and the United Kingdom will decline by 11 percent compared to its 5-year average during the November 2022 – March 2023 period and that Europe’s gas storage sites will be around 30 percent full at the end of this winter,” the IEA noted.

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