Experts: Estonia Not Facing Fuel and Gas Crisis
Despite global oil reserves hitting their lowest levels since 1990 and gas storage below normal, experts say Europe and Estonia are not at risk of running out of fuel this winter.
Global oil reserves have reached their lowest point in decades due to the crisis in the Middle East. Although a temporary truce between the US and Iran has caused oil prices to drop by nearly 5%, the situation remains tense. Oil and fuel reserves in OECD countries are at their lowest since 1990 and continue to decline in June and July. Commercial fuel reserves in Europe are at a 12-year low, while US government reserves are the smallest since 1983.
In spring, the International Energy Agency allowed member states to use up to one-third of their strategic fuel reserves, and Estonia took advantage of this. Normally, these reserves should cover 90 days of consumption, but currently Estonia has gasoline for 56 days, diesel for 90 days, and aviation kerosene for 77 days. Restoration of reserves will begin once supply issues are resolved, but timelines remain unclear.
Europe is well-supplied with gasoline, which it exports, but diesel is more problematic—about 60% of imports come from Persian Gulf countries, including via the Strait of Hormuz. European natural gas storage is currently about 55% full, lower than usual for this time of year. Under normal conditions, storage could reach 70–75%, compared to 83% last year. Estonia’s gas reserves in Latvia’s Inčukalns storage facility remain at good levels and are expected to be replenished by the end of autumn to meet regional demand.
