Record-breaking gas prices may prompt use of petroleum products as an alternative fuel in the energy segment if winter of 2021-2022 is cold, according to the report of the OPEC+ Joint Technical Committee (JTC) prepared for the ministerial meeting, with a document copy seen by TASS, APA reports.
The Committee "stated that tightness in the gas market could further drive demand for substitute fuels, including oil products for heating and power generation, should winter be colder than normal," the document says.
Europe faced gas shortage in storage this year, which fueled the gas price hike to new records. On October 4, gas futures with delivery in November climbed to all-time high $1,200 per 1,000 cubic meters.
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