BIROL: DIFFICULT ENERGY YEAR AHEAD FOR EUROPE

BERLIN, OCTOBER 23 /SRNA/ – Europe is entering the winter with historically low gas reserves and cannot withstand additional supply shocks, International Energy Agency /IEA/ Executive Director Fatih Birol has warned.

Birol said on the sidelines of an international conference in Berlin, that all regions had been affected by disruptions to energy shipments through the Strait of Hormuz, but that Europe was particularly vulnerable.

He forecast that liquefied natural gas prices would rise in the coming months, even if peace were restored in the Persian Gulf today.

"Yesterday would have been the best day for a ceasefire," Birol told Al Jazeera.

He noted that European countries usually maintain substantial gas reserves ahead of winter, but that current stockpiles are significantly below historical averages.

"Life will not be easy for Europe this year, or next year either," the IEA chief added.

European countries have long relied on imported gas to generate electricity for industry and heat homes during cold winters. Before the war, almost one-tenth of the European continent's liquefied natural gas supplies passed through the Strait of Hormuz.