Gazprom: European gas price could reach $4,000 per 1,000 cubic meters

Ekaterina Maksimova

“Let's note that gas prices on spot exchanges in Europe broke through the mark of $2,500. According to conservative estimates, if the trend continues, prices will exceed $4,000 per 1,000 cubic meters in winter. m,” the official telegram channel of Gazprom reports.

On August 15, according to ICE Futures, the price of gas in Europe rose to a record high - over $2,400 per 1,000 cubic meters. This happened for the first time since the beginning of March, when stock prices for blue fuel jumped sharply.

Gas is rapidly becoming more expensive due to the reduction in supplies via Nord Stream (20% of the nominal capacity) and against the backdrop of drought in some EU countries.

Professor of the Russian Economic School Alexander Malanichev believes that such a price jump is theoretically possible. "Such a price is unlikely, but theoretically possible in the event of a confluence of unfavorable circumstances for the EU economy, ranging from harsh climatic conditions to a limited supply of LNG," Infotek quotes Malanichev.

According to the data announced today by Gazprom, in seven and a half months of 2022, the company exported 78.5 billion cubic meters to non-CIS countries. m of gas. This is 36.2% (44.6 billion cubic meters) less than in the same period in 2021.