Energy crisis in Europe to last longer than winter, analysts say

MOSCOW, 24 Sep — PRIME. The disastrous energy crisis in Europe could last until the end of 2023 and even longer, Bloomberg reports, citing analysts from Energy Aspects Ltd.

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1 Shackled. The denouement of the gas dispute will come in the winter

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Shackled. The denouement of the gas dispute will come in the winter

According to them, the demand in the region is high, and the supply is limited due to the Russian special military operation in Ukraine.

“This is not a story for one winter,” said Amrita Sen, chief oil analyst at the industry consulting firm. According to her. Russia is needed in order to balance the market, and not only in the upcoming winter, but also in the next, when the cold season comes at the end of the year.

The special operation led to a halt in the flow of energy resources and swept through world markets like a whirlwind, raising gas prices in Europe and forcing it to take drastic measures. Thus, Germany is forced to nationalize its largest fuel importer.

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Sen noted that new price fluctuations in the oil market are expected in the fourth quarter, which will be caused by a variety of factors, from fears of a possible recession to Chinese quarantines due to COVID.

She believes that in the near future oil will cost more than $90, and by the end of the year, oil prices will rise to $120 per barrel.