President Vladimir Putin instructed Gazprom to increase gas supplies to European storage stations, after completing the filling of its underground tanks in Russia.
“This will enable the reliable, consistent and regular fulfillment of your contractual obligations to supply gas to European partners in the autumn-winter period. Among other things, this will certainly create a favorable situation in the pan-European energy market,” he said.
Putin pointed out that “the shortage of gas in the European market was the result of the economic policy of the European Commission, and American and Middle Eastern suppliers failed to supply 8 billion cubic meters of gas to Europe, while Gazprom increased the supply to Europe by 11 billion cubic meters.”
The European gas market has witnessed volatility in recent months, and back to early August, futures contracts were trading at $ 515 per thousand cubic meters, but by the end of September it more than doubled, and on October 6 it jumped to a historical high of $ 1937 and a limited decline followed. before prices go up again.
Experts attribute this to low occupancy levels in European underground storage facilities, limited supply from major suppliers and high demand for LNG in Asia.
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