In this week's Market Movers Europe with Nikolaos Aidinis Antonopoulos:
- UAE’s ADIPEC, Kazakhstan in focus
- Gas production ends from giant Groningen field
- Power markets gear up as winter approaches
The Abu Dhabi International Petroleum Exhibition & Conference kicks off this week, bringing together political and industry leaders from around the world.
With oil seemingly close to $100 per barrel, much discussion is expected around OPEC+ cuts and the longer-term outlook for peak demand and the transition to low-carbon alternatives.
Kazakhstan Energy Week in Astana will also feature some of the key players in the country’s oil growth story, as well as ministers from the wider region, at a time of heightened international attention.
In European gas, the market will have to adjust to the shutdown of the giant Groningen gas field in the Netherlands.
Production ceased on Oct. 1, 60 years after the first gas supplies from the field.
Production has been gradually reduced due to the risk of earthquakes associated with the field’s operations.
Power markets enter the last quarter of 2023 with more generation capacity than in 2022.
French nuclear is forecast to be 21 GW higher than last year, with wind additions promising a cushion against any shocks in gas-for-power costs.
Temperature forecasts in Northwest and Southern Europe are consistently above average for the first week of October and beyond, delaying the start of the heating season.
I’m Nikolaos Aidinis Antonopoulos, thank you for kicking off your Monday with S&P Global Commodity Insights.