Gas: Opedal (Equinor), EU storage at 15-year lows, greater vulnerability this winter

(Il Sole 24 Ore Radiocor) - Europe is heading into a winter season in which it is more vulnerable than usual, with gas storage levels at their lowest in the last 15 years. This was stated by Anders Opedal, CEO of Equinor, at ADIPEC in Abu Dhabi. Opedal went on to point to a ‘growing trend amongst customers to enter into long-term contracts’ for Norwegian gas. The duration of contracts for gas supplied via pipeline has lengthened, now reaching ‘15 years and beyond’. On the transport front, he observed that the cost of shipping “has changed rapidly” and that “the efficient market we were used to no longer exists”. As for consumption, demand for gas for industrial use in Europe is 30 per cent below the average for the last five years.

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