Gazprom threatens to further cut supplies to Europe
Russia's Gazprom said on Tuesday it could begin cutting natural gas supplies to Europe via Ukraine starting next Monday, after noting that some of the volumes passing through Ukraine do not reach Moldova.
Russia still sends some gas to Europe through gas pipelines, through a transit route through Ukraine and through TurkStream. Further reductions in volumes would come just as temperatures in Europe have fallen to seasonal or below-season levels, after warm October and early November allowed the EU to fill its natural gas deposits.
Now Gazprom says it has noticed that some of the gas destined for Moldova under a contract with the local gas company is being diverted from Ukraine. If the imbalance in gas transit continues, Gazprom will begin reducing gas flows through Ukraine on the morning of Nov. 28, the Russian gas giant said today, as reported by Russia's TASS news agency.
Benchmark gas prices in Europe rose 2% after Gazprom's announcement on Tuesday amid fears that supplies are not enough.
Europe is more or less prepared for the winter with nearly full gas storage sites and a steady stream of LNG imports. However, a lower supply of Russian gas – even if Europe is preparing for this eventuality – would further deplete gas levels in storage this winter.
The real concern for Europe's gas supply is for the coming winter, top executives at Europe's largest oil and gas majors said shortly before the start of the heating season.
Looking ahead to winter 2023/2024, the gas supply gap in Europe will be much wider without Russian gas. Europe won't import much Russian gas – or at all if Russia cuts off supplies through the only remaining operational link through Ukraine and TurkStream – compared to relatively stable imports from Russia in the first half of this year. before Moscow began phasing volumes through Nord Stream in June, until the pipeline was shut down in early September.
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The article Gazprom threatens to further cut supplies to Europe comes from Scenari Economics .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/gazprom-minaccia-di-tagliare-ulteriormente-le-forniture-alleuropa/ on Wed, 23 Nov 2022 07:00:58 +0000.