Wednesday, March 22, 2023

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Urgent Call From International Energy Agency to Europe

The International Energy Agency (IEA) has called for urgent action on the shortage of gas in Europe. Pointing to the decline in Russian gas supply and the expectation that demand will increase in China, the International Energy Agency (IEA) called for urgent action to prevent gas shortages in Europe next year.

Speaking to the journalists during the presentation of the report on the supply-demand balance that will occur in Europe for the years 2023 and 2024, UEA President Fatih Birol said, “We are ringing the alarm bells for the next year for the European administration and the European Commission.”

According to the report, even in the summer of 2023, when demand will decrease and natural gas stocks will be created, a shortage of natural gas up to 30 billion cubic meters may occur in Europe. Birol said that if there is a shortage of this magnitude, stocks can only be filled at 65 percent before next winter, not at the targeted 95 percent level. Before this winter, the European Union (EU) filled its stocks by 95 percent, storing 5 percent, or five billion cubic meters, of natural gas more than the average of the last five years.

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