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Europe's Insatiable Thirst For Natural Gas

1. OPEC+ Agrees on Lowest Monthly Increase in Years

- In a move widely perceived as the undoing of the widely publicized Biden-MBS fist bump, OPEC+ has agreed to a 100,000 b/d production quota increase for September 2022.

- The likelihood that the oil group will fulfill the output target seems somewhat slim, considering that members’ compliance rate stands at 320% as of June, equivalent to an underproduction rate of 2.85 million b/d.

- Even though the likes of Saudi Arabia and UAE have acknowledged having issues with readily available spare capacity, this time around OPEC+’s limitations even made it into the meeting’s communique.

- Attesting to the group’s demand worries, OPEC+ is gradually cutting its forecast for this year’s average supply surplus – a mere two months ago it stood at 1.9 million b/d, by now the Joint Technical Committee lowered it to a mere 0.8 million b/d.

2. Extremely Low Rhine Levels Send Shockwaves Across Europe

- Water levels on one of Europe’s largest inland arteries, the Rhine River, are so low that navigation might be banned completely, jeopardizing the energy security of central Europe.

- Coal-fired power plants situated along the Rhine and further to the south have already voiced concerns about low stocks as for weeks already tankers can only reach them with partial loads.

- A reference water level at Kaub, where tankers need to have at least…

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