Russian state-owned energy giant Gazprom warned on Tuesday that gas prices in Europe could rise by 60% this winter.
“Spot gasoline prices in Europe have reached $2,500. According to conservative estimates, if this trend continues, prices will exceed $4,000 per thousand cubic meters this winter.”, the company published on its official Telegram channel.
Gazprom’s exports to Europe are running at reduced levels this year due to Ukraine-related sanctions and technical problems.
The company said its gas exports to non-former Soviet countries fell 36.2% to 78.5 billion cubic meters between January 1 and August 15, while production fell 13.2% to 274.8 billion cubic meters. cubic year to year.
However, the Russian company maintains that it supplies gas “based on confirmed requests.”
With Russia remaining the EU’s largest source of natural gas, gas prices in Europe have quadrupled since the beginning of the year due to declining flows. Earlier on Tuesday, the cost of gas futures at the TTF hub in the Netherlands topped $2,600 per thousand cubic meters for the first time since March, which is about 13% above the previous day’s close, they showed. data from the London Stock Exchange ICE.
Meanwhile, Gazprom’s shipments to Asia have increased. Flows through the Power of Siberia pipeline regularly exceed daily contracted amounts, according to the company. For example, in January-July Gazprom supplied 60.9% more gas to China through this pipeline compared to the same period in 2021.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.