Energy disaster awaits EU after this winter – oil CEOs

 

© Getty Images / Imgorthand

Source: RT

Remaining Russian stocks will only allow the bloc to survive one heating season

The EU is “in good shape” in terms of energy reserves this winter, however, a real risk of a shortfall lies ahead in 2023, major oil and gas executives have warned.

The region is facing an unprecedented energy crunch following a drop in imports from Russia. The oil and gas shortages, and record-high inflation, have resulted in an overall cost-of-living crisis across the bloc.

But while concerns are focused on the turmoil of the coming winter, it is the next cold season that they should really worry about, CEO of major oil trader Vitol, Russell Hardy, has said.

“We’ve got a difficult winter ahead, and subsequent to that we’ve got a more difficult winter in the year ahead of that because the production that is available to Europe in the first half of 2023 is considerably less than the production we had available to us in the first half of 2022,” he said at a conference in Abu Dhabi last week.

Energy prices have gone off the charts and are close to “unaffordability” with many households “spending 50% of their disposable income on energy or higher,” BP CEO Bernard Looney has warned, agreeing with his colleague that the next winter “in Europe could be even more challenging.”

Even though the EU has managed to fill its energy stockpiles by 90%, according to IEA data, the reserves are made up mostly of Russian gas. But as the bloc is speeding up the transition away from Russian pipeline deliveries, there will be no supplies from the bloc’s former biggest supplier.

“The issue is not this winter. It will be the next one because we are not going to have Russian gas – 98% [less] next year, maybe nothing,” Eni chief Claudio Descalzi pointed out.

Given the demand from China, a major importer of gas, and skyrocketing LNG prices, executives of energy companies are worried about possible social unrest, pointing at some EU countries, like the Czech Republic where households saw their energy bills increase tenfold.

--------------------

The following Poem which is related is By "The Activist Poet" written in August 2022

Dancing in Minefields

Darker days are coming
I can feel it in the air
anxious moments in the calm
that leaves me in despair.

Europe is at a crossroads
as their sanctions start to grow
the pain is their own making
as history will come to show.

Their actions stopped the wheel
we wait to find out what’s next
economy’s now gone missing
while people look on perplexed.

Energy isn’t moving
NATO falls into a dream
boasting some sort of power
granted by empires meme.

Behind the squawk is the sandman
lurking in shadows below
warning of Russian invasion
while puppets put on a show.

Winter is fast approaching
energy needed for heat
cut off by U.S. direction
sanctions do not bring relief.

The population is restless
lunatics run the estate
legislating their reset
elites are tempting their fate.

Cartel is flexing its mussel
choking with sanctions they do
all attempts then backfire
including calls for a coup.

Conflicts rise with direction
infighting in the E.U.
escalation to conflict
dancing in minefields ensue.

The E.U.’s going to shatter
decisions will come to each state
die with energy sanctions
or push a freedom mandate.

About this Poem: The European Union is going to implode

The above Poem is Included in my Book, “The Activist Poet Vol 3”

Related Links:

Ukraine - Europe, Energy Supplies & Economic Collapse