Nearly a month into 2023, Europe’s energy outlook is far more positive than many analysts predicted at the onset of winter.
of extreme weather, a reopened China with greater energy demands, and more volatile prices for consumers.
This leaves the world’s second-largest economy as a crucial but unpredictable wild card for the next European winter that leaders and officials will be watching closely. Consumption within the 27-country bloc has also dropped due to rising prices and a warm winter. Europe has so far used about half as much gas from storage facilities at this point as in the preceding two winters, with forecasts pointing to continued mild temperatures ahead.Yet, even with replenished storage facilities, concern is still high for next year.
As gas prices spiked last year after Moscow cut supplies to Europe following its invasion, the bloc began to import record amounts of LNG that in turn pushed Asian spot LNG prices to historical highs.If China recovers relatively quickly from its COVID lockdown economic slump that saw its gross domestic product growth slow to 3.3 percent last year, its demand for commodities will quickly pick up.
But she adds that China has managed to secure its energy supplies through discounted deals with countries such as Russia, Malaysia, and Qatar that could lessen the impact that its resurgent energy appetite could have on Europe in 2023.
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