Europe’s natural gas market will tighten again in 2023 as stockpiles will have to be replenished over the summer without the usual Russian supply, according to TotalEnergies chief executive Patrick Pouyanne.
“Europe will get less Russian gas than in 2022 and will have to again massively re-import LNG,” Mr Pouyanne told Belgian newspaper L’Echo. “The situation will become more tense again.”
The region has managed to keep gas stockpiles fuller-than-normal so far this winter as unusually mild weather reduced demand while imports of liquefied natural gas remained strong. Inventories will end the winter about 50 per cent full, and enough gas has been procured to fill storage sites again well in time for next winter, according to BloombergNEF. The optimism has pushed gas prices down about 30 per cent in the past month.
Still, the deep cuts in Russian supply remain a concern. It increases Europe’s competition with Asia for LNG, and higher demand there could make it more difficult to procure the crucial cargoes needed to refill inventories.
Mr Pouyanne said that European countries should diversify energy suppliers, mostly through long-term contracts.
He also said there isn’t a risk of diesel shortages in the region. Total will run all its refineries, including in Saudi Arabia, to prioritize supply to Europe. But he warned that this will bring extra transportation costs. “It’s always the same story, there is the supply but there is also the price.”
A European Union ban on imports of Russian oil products, including diesel, comes into force February 5. Some analysts have warned this could create shortages in the continent. Russia accounts for 15 per cent of global diesel flows, with 80 per cent of that going to Europe until recently, according to Goldman Sachs Group.
LEADERBOARD
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More from Rashmee Roshan Lall
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UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
RACE CARD
6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m
7.05pm Handicap (TB) $68,000 (Turf) 2,410m
7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m
8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m
8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m
9.25pm Handicap (TB) $65,000 (T) 1,000m
CHATGPT%20ENTERPRISE%20FEATURES
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Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
Oppenheimer
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COMPANY%20PROFILE
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
The Kingfisher Secret
Anonymous, Penguin Books
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
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The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
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RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
