For the first time since the outbreak, an industrial event, Gastek, is pushing for renewable energy. . Natural gas prices in Europe continue to rise sharply, as energy ministers and top executives from the world’s largest gas companies and producers gathered in Dubai earlier this week.
Demand is rising before the winter warming, but gas reserves have been low for many years, and supply cannot meet demand. Climate in northern Europe has seen a sharp decline in wind power in recent weeks, forcing utilities to switch to more gas and coal – despite the European Union’s green aspirations – to keep the lights on and keep industry afloat. Consumers feel overwhelmed, and there are industries, and there are some Reduction operations. Gas and energy prices threaten post-COVID recovery in European economy.
Governments are forced to intervene to help low-income consumers and low-energy suppliers, and all political leaders are wary of high energy costs for consumers (voters).
Norway will be the second largest gas supplier in Europe after Russia Increase shipments This summer, Ekinor was allowed to export gas from the Essenberg and trolley fields. But Russia They do not rush to the book Increased capacity on the Ukrainian side, leaving the European gas market very tight.
Related: Oil is back on call in US and China The pressure on European green energy sources is justified, but not by putting the cart ahead of the horse, according to Claudio Descaly, CEO of Italian Petroleum and Gas.
“You can’t reduce supply without reducing demand,” Descalzi said Finance Times.
“This is not something that has been going on for some time, it is structural,” he said, referring to the increase in gas prices.
The world’s largest liquefied natural gas (LNG) exporter, Qatar and OPEC chief told Reuters that no further investment in fossil fuels was needed, but that investment in supply was needed and would be needed in the future.
OPEC Secretary General Mohamed Barcino at the Gazette Conference They said Even in the energy sector, “predictable investment in the oil and gas sector is needed to meet the growing global energy demand.”
The jump in natural gas prices is a market response to pressure from renewable energy sources, Barcino said CNBC Dan Murphy By Gazette.
“I have spoken of a new premium in the so-called transitional energy market,” Barceino said.
OPEC’s main body said that emotions are real when it comes to keeping fossil fuels in the ground.
“Emotions have reached industrial realities,” he said on a panel hosted by Gazette Bloomberg.
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“How can we change this narrative because we are losing it? Civil society and climate activists have taken over. Activists say shareholders are close to redeeming the industry. OPEC Secretary General added.
The rising gas prices are partly due to investment in the industry, as well as rapid energy transfer tests, said Saad al-Kabi, Qatar’s Minister of Energy and General Manager of Qatar Petroleum.
Al-Kabi said: “There is a sense of urgency for companies not to invest in energy transfer.”
There is a huge demand from all of our customers, and unfortunately we cannot accommodate everyone. “Unfortunately, in my opinion, this is due to the lack of investment in the industry.” Reuters.
as such Low wind power Generations in Europe have shown this year that renewable energy cannot replace fossil fuels overnight, and investment in natural gas will take years to prevent the next gas crisis.
By Tsvetana Paraskova for Oilprice.com
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