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according to BloombergNEF. "Those shipments are enough (for Europe) to cover a complete halt in Russian pipeline flows from Oct. 1," it wrote.
The average price of Gazprom's gas exports to non-CIS countries in the first half of 2022 increased by more than 3.5 times compared to the price for the same period in 2021, the company’s Deputy CEO Famil Sadygov said as quoted at the company's Telegram channel.
"In the first half of the year, we worked in conditions of high prices in the European gas market. The average price of Gazprom's gas exports to non-CIS countries for 6 months of 2022 was more than 3.5 times higher than the price for the same period in 2021. This laid the foundation for record financial indicators," Sadygov said.
In January-June 2021, the average export price of Gazprom's gas for non-CIS countries was $208.1 per 1,000 cubic metres. The average cost of Gazprom's export deliveries in 2021 was $298 per 1,000 cubic metres. At the same time, in the fourth quarter of 2021, it reached a record $517 per 1,000 cubic metres.
Earlier, Sadygov reported that the decline in gas exports by Gazprom in 2022 was completely offset by an increase in the average gas selling price to non-CIS countries, and the new draft budget of the holding reflects a 34% increase in gas sales revenues compared to the original version.
US investment bank Goldman Sachs has predicted that European natural gas prices could more than halve by the end of winter, contrary to most forecasts so far that have predicted prices to remain elevated as they are now. Europe has “solved” its natural gas crisis for this year, the bank’s analysts said in a report published on September 13, drawing attention to the increase in storage volumes, now close to 85% of capacity, greater LNG supplies and demand destruction. These factors have more than made up for the steep decline in Russian volumes so far, and the risk that Moscow could cut off gas completely this winter.
Russian gas exports to EU will decline by a third, Russian deputy prime minister Alexander Novak said on September 15 by 50bcm this year to 100bcm. Before the invasion, Russia supplied about 40% of the EU’s gas. That share has now plummeted to 9%, with Moscow cutting supplies to Europe and blaming western sanctions for the dip.
In September Algeria overtook Russia as the biggest supplier of gas to Europe.
127 RUSSIA Country Report October 2022 www.intellinews.com