Analysts and politicians say it would be very easy for Russia to find further reasons for further gas supply cuts.
Even before the latest reduction was announced on Monday, Germany’s energy network regulator had said the country would struggle to meet its storage target.to 80% of capacity by November 1 to provide a buffer for the peak demand winter months. So far, European gas storage levels are at 66% full, data from Gas Infrastructure Europe shows.At 20% of capacity, Europe will be able to refill storage to only 75% to 80% ahead of winter, Wood Mackenzie consultancy said on Monday.
“As a result, Europe is likely to get through the heating season with only 20% gas in store at the end of March – a very low level,” said Kateryna Filippenko, principal analyst, global gas supply, at Wood Mackenzie. An extra cold winter would strain the situation further, especially if the weather is severe in Asia, as well as Europe, which would limit global availability of liquefied natural gas to supplement pipeline supplies.
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