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BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

Gazprom: Gas prices for Europe could reach $4,000 this winter

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Aug 2022 16:19
3 Min Read

Gas giant Gazprom said that it does not rule out the possibility of gas prices hitting $4,000 per 1,000 cubic meters in the upcoming winter as spot gas prices hit $2,450 on London's ICE exchange.

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  • Gazprom did not rule out $4000 per 1000 cubic meters gas prices for Europe
    Gazprom did not rule out $4000 per 1000 cubic meters gas prices for Europe (Reuters)

During the upcoming winter of 2022-2023, Gazprom, on Tuesday, stated that it does not rule out that gas prices across the European continent might reach up to $4,000 per 1,000 cubic meters.

In a statement, Gazprom said that "We would like to note, that on spot exchanges in Europe, gas prices have surpassed the figure of $2,500. According to conservative estimates, if the trend continues, prices will exceed $4,000 per 1,000 cubic meters in winter," Gazprom said.

For the first time since March 8, the spot price of gas in Europe on the ICE market in London earlier reached $2,450 per 1,000 cubic meters. This is taking place against a backdrop of rising spot gas prices in Asia, the closure of numerous Norwegian gas production and transportation facilities for planned maintenance through the end of August, as well as increasing temperatures, and a decrease in wind generation in Europe.

On March 7, 2022, the exchange rate for gas in Europe for the first time ever hit approximately $3,900 per 1,000 cubic meters.

According to Gazprom, over the first 7.5 months of 2022, gas shipments to nations outside the Commonwealth of Independent States fell by 36.2% to 78.5 billion cubic meters.

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Europe hits record high LNG imports in May

On July 27, Kremlin press secretary Dmitry Peskov said it was wrong to link the level of Russian gas supplies to Europe with the removal of EU sanctions against Moscow but the restrictions affected Gazprom’s delivery volumes. 

Due to the suspension of many gas turbines, the Nord Stream gas pipeline has only utilized 20% of its capacity since July 27.

One of these, manufactured by Siemens Energy in Canada, was shipped to Montreal for maintenance. The manufacturer first hesitated to deliver the repaired equipment to Germany, since no such agreement has been signed and because of Ottawa's sanctions against Moscow.

Later, the Canadian Natural Resources Minister Jonathan Wilkinson said the Nord Stream 1 turbines sent to Canada for maintenance would be returned to Germany instead of Russia due to the anti-Moscow sanctions.

However, the situation prompted Russian gas giant Gazprom to reveal on July 27 that it had not a single document allowing German conglomerate Siemens to take a gas turbine engine for the Portovaya compressor station from Canada. As a result, just one turbine is still functional.

Read more: Economy minister slams Germany's economic model as 'dependent'

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  • Russian gas supplies
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As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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