The energy crisis in Europe is just beggining

Even though Europe has filled its gas storage ahead of the winter 2023, its energy crisis is far from over. The situation in Europe could get even worse next winter. In 2023, the supply of Russian gas will be reduced to a minimum, and that’s putting it mildly.

Even though Europe was able to fill its storage facilities with gas before 2023, it will have to import large volumes of LNG in a competitive market in order to survive the following winter.

The next couple of years will be decisive in determining whether Europe is able to overcome the looming energy crisis.

According to the IEA, if Russian gas supply drops to zero and LNG demand in China reaches last year's levels next year, the gap between supply and demand in the EU could be incredibly large. According to experts, such a gap between the desire to purchase and produce gas could amount to 27 billion cubic meters.

Since gas supplies from Russia are going to decline in 2023, Europe will need large volumes of LNG.