8/16, 12:21 PM (Source: TeleTrader)
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Gazprom: Gas prices to rise further ahead of winter

Russian energy giant, Gazprom warned on Tuesday that prices of gas will likely rise above the record $4 thousand per 1,000 cubic meters ahead of the heating season, after gas prices in European markets earlier surpassed the $2.5 thousand mark, for the first time since March.

From January 1 to August 15, 2022, the company production dropped by 13.2%, according to preliminary data, with the demand plummeting by 2.3% over the same time span.

In addition, gas exports to non-CIS countries plunged by 36.2%, to 78.5 billion cubic meters in the period of seven and a half months. Meanwhile, gas deliveries to China exceed daily contracted quantities via the Power of Siberia pipeline. Previously, Norway revealed it is delivering "all the gas it can to Germany," as Berlin seeks to find alternative suppliers of gas ahead of the winter.

Baha Breaking News (BBN) / AB