IEA chief sees energy crunch for Europe next winter

By FRANK JORDANS
Associated Press

BERLIN (AP) — The head of the International Energy Agency says Europe should be able to cope with the natural gas supply crunch in the coming months thanks to considerable reserves but warned that the continent could face a bigger energy crisis next winter. Fatih Birol cited the fact that Russian gas supplies to Europe may end completely next year, while China’s demand for liquefied natural gas looks set to rebound as its economy recovers from the pandemic. Additionally, the IEA projects new gas capacity coming online in 2023 to be the lowest in two decades. Birol said Thursday that solidarity among European nations was key. The IEA chief said Russia will lose about $1 trillion in revenue by 2030 because of its war in Ukraine.