Europe Is Exporting Its Energy Crisis

Hello and welcome to Elements, our daily energy and commodities newsletter. Europe may find its way through winter, but it’s increasingly clear there’ll be a cost for some of Asia’s poorest countries, argues Bloomberg Opinion’s Clara Ferreira Marques. And tomorrow’s in-person OPEC+ meeting will see Russia’s deputy prime minister, Alexander Novak, spend the day in Vienna. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

Heating season in Europe is upon us and there’s increasing optimism the continent may well be able to navigate the coming months — even with gas flows from Russia little more than a trickle. Analysts at BloombergNEF forecast that even in a worst-case scenario, where there is no piped Russian gas at all and demand destruction is low, Europe should have enough to endure even the coldest winter of the last 30 years.