Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency (IEA) warned Thursday.
The IEA said the shortfall would occur if Russia stops pipelines deliveries completely and China steps up its imports of liquefied natural gas, which Europe has relied upon to replace Russian supplies.
"We believe Europe needs to take immediate action to avoid risks of natural gas shortage next year," Birol told reporters. And while Chinese LNG imports were lower in the first 10 months of this year, the world's second biggest economy could grab 85 percent of the expected increase in global LNG supplies if its purchases recover next year.
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