High Gas Prices Forecast to Shift Europe Towards Oil

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Adi Ahdiat 08/09/2022 17:50 WIB

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Amidst soaring gas prices, the EIA predicts that Europe will increase its oil consumption for electricity generation.

Natural Gas Prices in Europe (January 2000-August 2022)

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Natural Gas Prices in Europe (January 2000-August 2022)

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Natural gas prices in Europe have surged since March 2022, shortly after Russia invaded Ukraine. Entering August 2022, European natural gas prices skyrocketed to US$70 per million British thermal unit (mmbtu).

This price represents a 147% increase year-to-date (YTD), a 353% increase year-on-year (YOY), and is the highest price ever recorded by the World Bank.

Prices peaked further after Gazprom, the Russian energy company, halted gas supplies to Europe starting in August 2022, with no specified end date. Russia cited international sanctions as the reason for this supply cut-off.

"Problems with gas pumping arose because of the sanctions imposed by Western countries against our country and a number of companies," said Kremlin spokesman Dmitry Peskov, as reported by the Financial Times on Monday, September 5, 2022.

Amidst this situation, the U.S. Energy Information Administration (EIA) predicts that Europe will switch to crude oil to meet its energy needs.

"Due to high global natural gas prices, we expect increased oil consumption, particularly in Europe, which may switch to oil-fired power generation," the EIA explained in its September 2022 Short-Term Energy Outlook report.

The EIA also assesses that this European situation will contribute to increased global oil consumption.

"We forecast global consumption of petroleum and liquid fuels to average 99.4 million barrels per day for 2022, an increase of 2.1 million barrels per day compared with 2021," the EIA stated.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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High Gas Prices Forecast to Shift Europe Towards Oil

High Gas Prices Forecast to Shift Europe Towards Oil

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