MarketsGas prices are rising in Europe

Gas prices are rising in Europe

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In Europe, the price of gas crossed the $ 1,500 per cubic meter mark for the first time since March. This is evidenced by the data of the ICE site.

Gas prices are affected by the geopolitical situation. The West has stepped up sanctions pressure on Russia since launching a special military operation in Ukraine. Brussels is seriously considering conceding Russian oil and gas. Earlier, EU Permanent Representatives approved a sixth package of sanctions, including an oil embargo.

Earlier, Bloomberg reported, citing informed sources, that Qatar had demanded a 20-year long-term gas supply contract with EU countries. According to the publication’s interlocutors, European officials considered such requirements “too strict”, so negotiations were suspended in March 2022.

The first vice-president of the European Commission, Frans Timmermans, has previously said that twelve EU countries are facing a reduction in gas supplies from Russia. 10 of them issued a warning within the framework of the gas supply security system. He pointed to more than 50% of gas storage facilities in the EU, which Timmermans said was “significantly higher than last year to date”.

Earlier, Fatih Birol, head of the International Energy Agency (IEA), said that Europe should immediately begin preparations for a complete cessation of Russian gas exports this winter. He stressed that the organization calls on European governments to take measures to reduce domestic demand for gas and to support the operation of obsolete nuclear power plants.

Source: rambler

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