22.1 C
Delhi
Saturday, November 26, 2022

World Economic Outlook for 2023 Increasingly Gloomy

https://ift.tt/Efp1c3R outlook for the global economy headed...

Program Aims to Boost Ranks of Black Teachers

https://ift.tt/MieU2Zh a student in his classroom had...

US Bans Huawei, ZTE Equipment Sales, Citing National Security Risk

https://ift.tt/Efp1c3R Biden administration has banned approvals of...

Europe to make it through the winter without Russian gas — Bloomberg

Experts say LNG purchases will help the continent offset supplies from Russia

Increased purchases of liquefied natural gas (LNG) by European nations are expected to help the crisis-hit region generate enough power this winter to offset gas supplies from Russia, Bloomberg reported on Tuesday.

According to a report released by research provider BloombergNEF (BNEF), the year-over-year surge in Europe’s imports of LNG may approach 40%, and purchases could be ramped up next summer by about 14% to replenish lost inventories.

The researchers added that with a demand collapse due to soaring energy prices, existing LNG supplies are enough to cover a complete halt in Russian pipeline flows from October 1.

ADVERTISEMENT

The latest disruptions to Europe’s pipeline gas supplies from Russia have forced European buyers to turn towards the global LNG market. European states will reportedly need to purchase 90% more of the liquified fuel on the spot market than they have secured under long-term contracts. The power supply crisis raging across the region is ratcheting up competition for LNG cargoes, prompting prices for both Asian and European buyers to climb higher. 


READ MORE: Britain seeks to secure American LNG supplies – Bloomberg

“Elevated spot LNG prices are set to persist as Europe needs to maintain its pull on all available LNG supply, leaving very little for Asia,” BNEF said, adding that China and emerging Asian markets are likely to see reduced imports.

Europe is expected to import 40 million tons of LNG this winter, and fractionally more in the summer to rebuild inventories, according to BNEF’s central scenario that assumes weather conditions in line with the average over the past 10 years and no Russian gas flows.

ADVERTISEMENT

For more stories on economy & finance visit RT’s business section

https://ift.tt/RGubl41 27, 2022 at 02:40PM
from RT – Daily news

ADVERTISEMENT

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles