CEOs during a recent panel discussion warned that an energy crisis during the 2023–24 winter months could be even more challenging than the coming “difficult winter.”
“We’ve got a difficult winter ahead, and subsequent to that we’ve got a more difficult winter in the year ahead of that, because the production that is available to Europe in the first half of 2023 is considerably less than the production we had available to us in the first half of 2022,” Russell Hardy, CEO of oil trader Vitol, told reporters on Monday at a panel discussion in the United Arab Emirates.
Hardy added that there will be “consequences of [an] energy shortage and therefore price escalation” and warned about a rise in the “cost of living.”…