Europe is facing another scramble for natural gas as cold weather drains reserves and Russian pipeline deliveries through Ukraine remain halted. Experts warn the continent may struggle to meet storage targets for next winter, pushing up energy costs and risking poorer nations being priced out of the market.
To meet its energy needs, Europe may need to import up to 10% more LNG than last year, equivalent to an extra 10 million tons, according to energy analysts. Francisco Blanch of Bank of America says the energy gap in Europe will divert all new LNG production globally toward addressing the shortfall. While new export projects in North America could provide relief, the timeline for ramping up production remains uncertain, leaving Europe and global markets bracing for continued challenges in the year ahead
Source: Energy Ghana