Great Britain left with only two days of gas supply - Daily Mail

The UK has only two days' worth of natural gas reserves, raising fears of a shortage crisis as the conflict in the Middle East has led to the closure of the world's largest gas facility and Iran has closed a key shipping channel. This was reported by Daily Mail, informs UNN.

Details

It is noted that gas reserves in the UK have decreased from 18,000 GWh last year to 6,700 GWh, which is only enough for 1.5 days of demand. A similar amount is stored as liquefied natural gas.

Europe is much better prepared for supply fluctuations, with several weeks of gas reserves

The authors point out that this state of affairs is affected by the situation in the Middle East - in particular, disruptions in the gas market, partly caused by the almost complete closure of the Strait of Hormuz, through which about 20% of the world's gas and oil supplies pass. For this reason, some LNG tankers are changing routes and heading to Asia, where prices are currently higher. Another factor of disruptions in the gas market is the cessation of production in some regions.

"Traders are exploiting the UK's situation by charging it a premium price for gas, knowing that it has no choice but to outbid its European competitors. The UK is currently paying the highest wholesale gas price in Europe," the article says.

Context

According to the Financial Times, global energy markets are on the verge of a large-scale crisis due to the virtual halt of oil exports from the Persian Gulf. The escalation of the conflict between Israel, the US, and Iran has led to tankers practically ceasing to pass through the Strait of Hormuz.

This route is critically important for the global economy, as it supplies about 20% of the total global volume of fuel.

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