Europe’s gas supply woes to persist

Next year may prove even tougher than 2022

Europe's gas supply crisis will linger into next year and may even worsen, delegates warned at the Energy Intelligence Forum in London. There is “unprecedented uncertainty” and the energy markets have been “coping with all kinds of shocks”, says Russell Hardy, CEO at trading firm Vitol. On the oil side, the “supply side is adequate” after Opec gradually raised crude production to around its maximum output this year, he continues, albeit speaking before the cartel’s shock 2mn bl/d supply cut announced on Wednesday. But the potential impact of sanctions on Russian oil over the winter is “still unknown” and a “risk”, he adds. No oil supply has really been lost yet, but the market is tight, says