EU warned of years of high gas prices ahead

Must read

Florida’s tussle with Disney wouldn’t have happened ‘if Bob Iger had been CEO,’ says top DeSantis ally

Florida lawmakers are reviewing ways to restore some of the privileges that the state stripped from Walt Disney Co., still reducing the company’s benefits...

Americans Are Fed Up With Woke Military Leadership: Poll Shows Less Than 50% Now Trust

I recently hit my one-year military retirement anniversary, which has me ruminating on my past life in the...

MAGA Rep Marjorie Taylor Greene Demands Answers on 73,000 ‘Gotaways’ at the Border in November

Representative Marjorie Taylor Greene has a few questions following a report indicating that a record number of “gotaways”...

Flashback: Kanye Performs at DNC Fundraiser, Obama Jokes About Him Becoming House Speaker

Kanye West has been in the spotlight for very bad reasons of late, culminating with a bizarre interview...

The bloc will face serious problems come next heating season, says Russia’s former energy minister

Gas prices in the EU will remain high for several more years, Russia’s vice-premier and former energy minister, Aleksander Novak said on Friday, warning of serious problems across Europe when the autumn-winter period starts.

Speaking at the St. Petersburg International Economic Forum, he said that the bloc needs to pump another 40-45 billion cubic meters (bcm) of gas before the beginning of the heating season, an amount equivalent to roughly four months’ worth of Russian supplies.

In 2021, the EU imported 155 bcm of natural gas from Russia, accounting for about 45% of its gas imports, and close to 40% of its total gas consumption.

Speaking about the current state of the Russian oil and gas industry, Novak said March was the most difficult for the industry but that companies have since adapted to the changes.

Gas production may decrease by about 4-5% this year to 730-750 billion cubic meters, Novak noted, suggesting, however, that the drop would not be felt too much as the gas output was at record levels the year before.

Russia has also begun to supply more liquified natural gas (LNG) to the EU, he added.

Speaking at the forum on Thursday, Novak reported that up to 95% of the Russian gas supplied to the bloc is now being paid for in rubles, as the majority of clients have accepted Moscow’s payment terms that were introduced in late March.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Florida’s tussle with Disney wouldn’t have happened ‘if Bob Iger had been CEO,’ says top DeSantis ally

Florida lawmakers are reviewing ways to restore some of the privileges that the state stripped from Walt Disney Co., still reducing the company’s benefits...

Americans Are Fed Up With Woke Military Leadership: Poll Shows Less Than 50% Now Trust

I recently hit my one-year military retirement anniversary, which has me ruminating on my past life in the...

MAGA Rep Marjorie Taylor Greene Demands Answers on 73,000 ‘Gotaways’ at the Border in November

Representative Marjorie Taylor Greene has a few questions following a report indicating that a record number of “gotaways”...

Flashback: Kanye Performs at DNC Fundraiser, Obama Jokes About Him Becoming House Speaker

Kanye West has been in the spotlight for very bad reasons of late, culminating with a bizarre interview...

Florida AG Warns of ‘Frightening’ New Trends in Fentanyl Distribution

By Bethany Blankley (The Center Square) Florida Attorney General Ashley Moody is continuing to warn Floridians...