IEA Warns Energy Crisis Will Worsen In 2023
“The world is in the middle of the first truly global energy crisis,” the executive director of the International Energy Agency, Fatih Birol, said today in Singapore.
The official went on to warn that natural gas and LNG markets would tighten further in 2023, with only 20 million tons of new liquefaction capacity scheduled to come online in that year, Reuters reported.
Speaking at the Singapore International Energy Week, the head of the IEA also said that while supply remains tight, demand for gas will continue to be strong, especially in Europe and possibly in China.
Birol’s warning comes amid expectations that this winter will NOT be the toughest for Europe.
Next winter is believed to be potentially much worse because, during the first half of this year, the EU could stock up on Russian pipeline gas, which is unlikely to come back next year, leaving the EU with a supply gap that other suppliers would be hard-pressed to fill.
Meanwhile, as many as 60 LNG tankers have turned into floating storage [units] off European coasts as there is not enough regasification capacity on the continent to unload the cargo.
This, CNBC reports, is delaying some of the tankers’ return to the Gulf Coast to reload, and pushes gas inventories higher, Andrew Lipow from Lipow Oil Associates told the network.
“The wave of LNG tankers has overwhelmed the ability of the European regasification facilities to unload the cargoes in a timely manner,” Lipow said.
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Ken Hughes
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‘Got to be staged, all of it. I don’t see the degree of oil extraction reducing at all, so only Russian oil is in short supply and that’s not enough to create a global shortage to this extent. It’s clearly being amplified by,….er,… I wonder who.
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Ken Hughes
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‘same applies to gas of course.
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Tom Anderson
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I call all of this environmental hypochondria (a morbid depression of mind or spirit). A reasonable scan of research, much of it very recent, into the radiative properties of atmospheric carbon dioxide leaves very little doubt that it is in several ways a cooling gas, especially as generated by fossil fuels. No scientist would be so rash as to make an unqualified statement like this, but I have read one who writes that the gas is “most probably” a coolant. If that is at least “most probably” so, why has the debate stalled as though this observed characteristic is unknown, irrelevant or lacking credentials?
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Wilson Sy
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What irony! Instead of nuclear energy being the solution, nuclear war is threatening humanity over energy.
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