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Tight Gas Supply in 2023 and Diesel Supply at Higher Cost: Total

ENERGY

The European natural gas market will be tight in 2023 and will have to rely on LNG supplies to restock gas storage inventories over the summer due to missing Russian gas supply according to TotalEnergies CEO Patrick Pouyanne.

  • “Europe will get less Russian gas than in 2022 and will have to again massively re-import LNG,” Pouyanne said. “The situation will become more tense again.”
  • He added that European countries should diversify energy suppliers through long-term contracts.
  • Total will prioritise diesel supply from all refineries, including in Saudi Arabia, to Europe but this will increase transportation costs. He added Europe is not at risk of diesel shortages. “It’s always the same story, there is the supply but there is also the price.”
Energy BulletsCommodities
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