Russia does not expect to see the supply and demand balance in the European gas market improving in the short term, Russia’s Deputy Prime Minister Alexander Novak said during a meeting between President Vladimir Putin and members of the government, TASS reports.
"The emerging situation causes concern. So far, we, unfortunately, don’t see that the balance of supply and demand in Europe will balance out in the near future," he said.
Novak noted that the situation will depend on the autumn-winter period and the level of temperatures, as well as on the level of demand for gas in Europe and other markets. "Of course this is concerning, especially in the industries that affect the production of essential goods and food," he added.
In addition, the energy crisis in the European Union is causing a shortage of electricity in industry, Novak noted. "Metallurgical enterprises, which largely use electricity in their work, are also suspending their activities. For example, a large zinc producer from Belgium has cut production by 50% at its three plants in the Netherlands and France," he explained.
