• Natural Gas News

    Gazprom warns that European gas prices could reach $4,000/'000 m3 this winter

Summary

The company issued the warning on its Telegram channel hours after European gas prices briefly spiked at over $2,500/'000 m3.

by: NGW

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Europe, Corporate, Political, News By Country, EU, Russia

Gazprom warns that European gas prices could reach $4,000/'000 m3 this winter

Russia's Gazprom warned on August 16 that European gas prices could reach $4,000/'000 m3 this winter, even according to "conservative" estimates.

The company issued the warning on its Telegram channel hours after European gas prices briefly spiked at over $2,500/'000 m3, as a result of recent steep reductions in Russian gas supply, the ongoing summer heatwave and field maintenance in Norway. 

Gazprom also released its export figures for the year up to August 15, reporting a 36.2% year/year drop in its supplies to the so-called Far Abroad, meaning Europe plus Turkey minus countries of the former Soviet Union. The company sent only 78.5bn m3 of gas to the countries in question in the period, or 44.6bn m3 than in the corresponding period last year.

The state-owned supplier also noted that gas exports to China via the Power of Siberia continued to grow, without disclosing figures, and that its gas production reached 274.8bn m3 in January 1-August 15, down 13.2% yr/yr. Demand for its gas in Russia also fell by 2.3%.