Economics & Business News

Europe may be left without oil in 2022

According to Bloomberg, in 2022 Europe may be practically left without oil and petroleum products.

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Oil storage sites in Europe are, on average, only 56% full, according to Sebastian Bleschke, head of INES, the association of German operators of gas and hydrogen storage systems.

“With two coldest winter months ahead, there are concerns that Europe may run out of gasoline. The storage sites are only 56% full, which is more than 15 percentage points below the 10-year average, ”Bleschke explained.

He clarified that in case of an unlikely cessation of the growth of Russian exports, by the end of March, stocks could be reduced by up to 15%.

“Traders are already preparing for the worst: the price of gas supplied from spring to 2023 has risen by about 40% over the past month. Some say the crisis could last until 2025, when the next wave of US LNG projects will start shipping to the global market, ”Bloomberg reported.

Earlier it became known that Russia will restore oil production up to 85%.

Europe may be left without oil in 2022