Page 173 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΣΕΠΤΕΜΒΡΙΟΣ 2022

& NATURAL

RESOURCES

begin. It adds that it will allow Italy and the whole long term as Europe must meet its emissions targets.
of Europe energy autonomy. On the other hand, it seems that German Chancellor
La Repubblica has also reported that Israel has Olaf Scholz is hoping for a helping hand from Nor-
expressed interest in creating a natural gas pipe- way. He described Norway as a “safe, democratic
line that would pass through Cyprus and reach and reliable partner” in supplying Germany and
Greece and other EU countries. Europe with energy. He called on the government
in Oslo to expand natural gas production to reduce
NORWAY’S NATURAL GAS EXPORTS HIT A dependence on Russia. For its part, Oslo countered
RECORD HIGH that Norway “delivers as much gas as possible”.
Norway’s natural gas exports reached a record-
high $13.26 billion in July due to the soaring IEA REVISES WORLD OIL SUPPLY
demand and energy prices in Europe driven by UPWARDS
the disruption of Russian supplies. The outlook for world oil supply has been revised
Norway’s Statistics Office published data showing upward, with more limited declines in Russian
a quadrupling of gas export revenue compared to supply than previously forecast. While Russia’s
July 2021 and a 5.7% increase in export volumes. exports of crude and oil products to Europe, the
According to the Statistics Office statement, the US, Japan, and South Korea have fallen by nearly
high energy prices prevailing in the international 2.2 mb/d since the start of the war, the rerouting
markets are the main reason for Norway’s excep- of flows to India, China, Turkey and others, along
tionally high export value. with seasonally higher Russian domestic demand
At the same time, analysts note that the Russian has mitigated upstream losses.
invasion has helped boost short-term demand for By July, Russian oil production was only 310 kb/d
Norwegian natural gas, which may decrease in the below pre-war levels, while total oil exports were
down just 580 kb/d. The EU embargo on Russian
crude and product imports that comes into full
effect in February 2023 is expected to result in
further declines, as some 1 mb/d of products and
1.3 mb/d of crude would have to find new homes.
In a largely symbolic move, OPEC+ agreed in early
August to raise its supply target by just 100 kb/d
for September, significantly lower than the July
and August scheduled increases of 648 kb/d. The
group noted that “severely limited” spare capacity
should be used with “great caution in response
to severe supply disruptions”, suggesting that
substantial further OPEC+ output increases are
unlikely in the coming months.
Even so, increases in global inventories are now
projected at around 900 kb/d during the rest of
this year and 500 kb/d over the first half of 2023.
The release of additional emergency stocks through

173