{"id":62985,"date":"2022-06-30T06:03:22","date_gmt":"2022-06-30T11:03:22","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62985"},"modified":"2022-06-30T06:03:22","modified_gmt":"2022-06-30T11:03:22","slug":"iea-europe-will-have-to-cut-gas-usage-by-nearly-one-third","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62985","title":{"rendered":"IEA: Europe Will Have To Cut Gas Usage By Nearly One-Third"},"content":{"rendered":"

IEA: Europe Will Have To Cut Gas Usage By Nearly One-Third<\/a><\/h3>\n
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In the first quarter of next year, the countries of the European Union will have to cut their usage of natural gas by up to 30% in preparation for a complete stoppage of Russian gas flows, according to the International Energy Agency (IEA).<\/p>\n

IEA Director Fatih Birol on Tuesday said that \u201ca complete cut-off of Russian gas supplies to Europe could result in storage fill levels being well below average ahead of the winter, leaving the EU in a very vulnerable position.\u201d<\/p>\n

\u201cIn the current context, I wouldn\u2019t exclude a complete cut-off of gas exports to Europe from Russia,\u201d he stated.<\/p>\n

Citing technical issues related to the Nord Stream pipeline, Russia earlier in June cut flows of gas to Germany by 60%.<\/p>\n

Plans to boost natural gas storage filling in Europe would not withstand a full Russian cut-off if it were to happen between now and the fourth quarter of this year.<\/p>\n

By the first of November, the European Union should have its gas storage filled to 90%; however, a complete Russian cut-off would reduce that significantly, leading to another surge in natural gas prices, which have already tripled year-on-year, according to\u00a0Bloomberg<\/a>, citing figures from the ICE Endex.<\/p>\n

European natural gas prices remained steady from Monday to Tuesday, in part due to a resumption of the flow of Russian gas through the TurkStream pipeline, which was undergoing maintenance. The pipeline has a 31.5-billion-cubic-meter capacity,\u00a0Bloomberg reports<\/a>.<\/p>\n

On Tuesday, Dutch front-month gas futures dropped 0.2% at the close.<\/p>\n

Also steadying natural gas prices in Europe on Tuesday were new estimations for demand, which could see a drop due to sunnier weather that can better support solar energy.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

IEA: Europe Will Have To Cut Gas Usage By Nearly One-Third In the first quarter of next year, the countries of the European Union will have to cut their usage of natural gas by up to 30% in preparation for a complete stoppage of Russian gas flows, according to the International Energy Agency (IEA). IEA […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[279,281,284,416,433,11731,5332,694],"class_list":["post-62985","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-eu","tag-europe","tag-european-union","tag-iea","tag-international-energy-agency","tag-julianne-geiger","tag-oilprice-com","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62985"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62985\/revisions"}],"predecessor-version":[{"id":62986,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62985\/revisions\/62986"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}