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Europe to Make it Through Winter 'Unless Surprises': IEA's Birol

ENERGY

The world is in its first ‘truly global energy crisis’ according to the head of the IEA Fatih Birol.

  • Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year he said.
  • On the OPEC+ decision to cut production targets he "(It is) especially risky as several economies around the world are on the brink of a recession, if that we are talking about the global recession...I found this decision really unfortunate,".
  • "Unless we will have an extremely cold and long winter, unless there will be any surprises in terms of what we have seen, for example Nordstream pipeline explosion, Europe should go through this winter with some economic and social bruises," he added.
  • The IEA expects oil consumption to grow by 1.7 million bpd in 2023 and that Russian oil will be required to sill flow to meet demand.

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