Gas reserves in European storage are low – Poutine – Business & Economy


NOVO-OGAREVO, October 27. / TASS /. The level of gas reserves in European underground gas storage is well below the average of the past five years, President Vladimir Putin said on Wednesday.

“The prices of so-called spot contracts – short term – are still above $ 1,000 per 1,000 cubic meters. The level of gas reserves in European underground storage is well below the average of the last five years,” said Putin.

The reasons for such a situation have already been mentioned on several occasions, in particular the decline in gas production in Europe and the reduction in supplies of liquefied natural gas on European markets, the president underlined.

Vladimir Putin also pointed out that the Russian gas holding company Gazprom has fully concluded long-term supply agreements with European countries.

“The situation in Europe clearly shows how important a lasting and reliable cooperation in the energy field is. Gazprom fully honors the long-term agreements with the European countries”, declared the head of state.

The president instructed Gazprom to increase deliveries to the company’s storage facilities in Europe after the completion of gas injection into national underground storage facilities. “This will be the opportunity to execute contractual commitments [of Gazprom] reliably, sustainably and smoothly supply gas to European partners with gas during the winter season and, above all, this will certainly create a more favorable situation in the European energy market as a whole ”, he added .

Risks for Russia

Vladimir Putin noted that the tense situation in European energy markets also carries certain risks for Russia.

“The tense situation in international markets also carries certain risks for our country in the environment of the modern world economy, given the traditionally close ties between Russia and European countries,” said the head of state in an opening statement from the Yamal meeting. development of the resource potential of gas fields.

The Russian president said he had already instructed the government to develop a special package of measures to alleviate the negative consequences for Russia of the energy deficit in Europe.

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