Gazprom predicted an increase in LNG prices
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Liquefied natural gas (LNG) volumes in Europe will not be able to increase until 2025, because so far no gas producer can increase supplies as quickly as “Gazprom“. As a result, due to competition between Europe and Asia in the energy market, LNG prices will increase. This opinion was expressed by Oleg Aksyutin, Deputy Chairman of the Board of Gazprom, during the St. Petersburg International Gas Forum.
“Europe, as now, will have to compete fiercely for these volumes with importers from Asian countries. As a result, the current conditions will lead to an increase in the shortage of LNG in the global gas market, which means an increase in prices and even less availability for less solvent countries,” Aksyutin said (quoted by RIA Novosti).
He added that the problem could be solved by launching Nord Stream 2.
Nord Stream 2 was ready for launch as early as September 2021. However, in February 2022, after Russia recognized the independence of the LPR and DPR, German Chancellor Olaf Scholz suspended the certification of the gas pipeline.
Earlier, against the backdrop of Gazprom reducing gas supplies to Europe due to problems with equipment repairs, Russian President Vladimir Putin proposed launching Nord Stream 2 to increase Russian gas supplies to the EU.
However, the German authorities strongly oppose this gas pipeline. According to the Vice-Chancellor, Minister for Economic Affairs and Climate Protection of Germany Robert Habek, its launch will become a “defeat for Europe” because it would mean that Russia was able to overcome the sanctions. At the same time, the European authorities are striving to abandon Russian energy resources and continue to search for alternative suppliers.
Earlier today, exchange prices for gas in Europe jumped by 12% and exceeded $2,500 per thousand cubic meters. m. Gas prices are rising against the backdrop of a reduction in fuel supplies to Europe and an increase in demand for energy in connection with the imminent onset of the heating season. The record on the London ICE exchange was set on March 7 this year – $ 3,892 per thousand cubic meters. m. In August, after Gazprom announced that Nord Stream was suspended for three days, gas prices exceeded $3500 per thousand cubic meters m.
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