Russian Gazprom ups October exports to Europe by 41% to 14.7 BcmPosted by Bertram Liu on January 18th, 2021 Russian state-owned Gazprom stated Monday that its exports to Europe in October raised by 41.4% year on year to 14.7 Bcm, in accordance with expectations that European customers would increase acquisitions in the second fifty percent of the year, as the impact of low oil rates strikes gas rates under long-lasting agreements. The October growth follows on from rises of 22.4% in July, 23.1% in August and also 24.2% in September, Gazprom said. In September, Gazprom raised estimates for its exports to Europe in 2015 to 158 Bcm on the back of a solid 2nd quarter. Originally Gazprom anticipated to ship 152-153 Bcm to Europe this year based on weak need in the initial quarter, when purchases in those markets dropped 20% year-on-year amidst expectations of future lower prices for Russian gas under lasting agreements. Gazprom's long-term contracts with European customers usually consist of a 6-9 month lag in oil prices developed into the pricing mechanism, making gas supplied under these contracts considerably less expensive in H2 2015. Gazprom officials have approximated that its gas price will balance Eur195.9/ 1,000 cu m in the upcoming winter. This is the typical price for all distributions, including under lasting, oil-indexed contracts and area markets. UKRAINE PRODUCT Gazprom also claimed Monday that exports to Ukraine have declined threefold from November 1, resembling remarks made by Ukrainian authorities recently. "From the beginning of November Ukraine decreased intake of Russian gas practically threefold, as a result of Naftogaz Ukrayiny's monetary issues. Staying prepaid gas is sufficient for just 5 days," Gazprom stated. Recently Naftogaz Ukrayiny head Andriy Kobolev said Ukraine would greatly reduce its Russian gas imports beginning on November 1 since European gas is presently less costly. edta was purchasing Russian gas at regarding 7/1,000 cu m in October, however insisted the price needs to find down in order to be attractive and that future purchases this winter would certainly depend on rates for Russian gas. Kobolev likewise claimed recently that Ukraine may do without Russian gas imports entirely in 2016, relying upon European imports. Throughout export disruptions for 6 months in 2014 and also for 3 months in 2015 Ukraine replaced Russian quantities with supplies from Europe.Like it? Share it! More by this author |