Angel Meneses De Quevedo
Ángel Meneses de Quevedo holds an Advanced Telecommunications Engineering degree from the University of Cantabria and is a CFA Charterholder.He completed his postgraduate training with a Master’s degree in Economic Research from the UNED (Open University- Spain), a Master’s degree in Mathematics and Applications from the Autonomous University of Madrid and has obtained the Global Association of Risk Professionals FRM CertificationHe has worked in various departments of BBVA since 2008, having joined BBVA Research as a Senior Economist in 2019.His career within BBVA has developed principally in the areas of Risk and Finance, covering the regulatory as well as the accounting and prudential aspects of the business.
The increase in EU gas reserves to 94% of capacity together with warmer weather and lower consumption indicates that Europe is in a good position to face the rise in consumption during winter. Factors to be considered are the European Commission's proposal on the gas price cap and possible gas supply cuts.
Reserves accumulated so far (96 bcm) would cover the EU's natural gas needs for next winter assuming: the current flow of imports is maintained, normal weather and a conservative 5% reduction in consumption.
Since Russia’s invasion of Ukraine began, the European Union (EU) has had to rethink its long-standing reliance on Russian gas, which accounted for around 40% of the region’s total consumption in 2021. Notably, this reliance has been growing over the last few years.