Gazprom predicts gas prices in Europe may rise over $4,000

Gazprom predicts gas prices in Europe may rise over $4,000

Gazprom does not rule out that gas prices in Europe in winter may rise above the record-breaking figure $4,000 per 1,000 cubic meters, the holding said on Tuesday.

"We would like to note, that on spot exchanges in Europe, gas prices have surpassed the figure of $2,500. According to conservative estimates, if the trend continues, prices will exceed $4,000 per 1,000 cubic meters in winter," Gazprom said.

Earlier, spot price of gas in Europe on London’s ICE exchange exceeded $2,450 per 1,000 cubic meters for the first time since March 8. This is happening against the backdrop of rising spot gas prices in Asia, the shutdown of several gas production and transportation facilities in Norway for scheduled repairs until the end of August, as well as rising temperatures and a declining wind generation in Europe.

Meanwhile, the exchange price of gas in Europe on March 7, 2022, reached almost $3,900 per 1,000 cubic meters for the first time in history.

Gazprom reported that over 7.5 months of 2022, it reduced gas exports to non-CIS countries by 36.2% to 78.5 bln cubic meters.

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