Russia does not want high gas prices, Novak said

CAIRO, Oct 14 – PRIME. High gas prices are not in the interests of Moscow, Russian Deputy Prime Minister Alexander Novak said in an interview with the Anadolu agency.

“We do not want high gas prices. If they are high, then efforts to obtain alternative and renewable energy sources can be accelerated,” Novak said. He pointed out that the problem with gas supplies to European countries was artificially created by EU politicians.

Current gas prices in Europe are several times higher than last year, when gas prices were already at record levels. A noticeable increase in the cost of gas in Europe began in the spring of 2021, when the average spot price according to the TTF hub index fluctuated in the range of $250-$300 per thousand cubic meters. At the end of the summer, the value of the contract with “day ahead” delivery exceeded $600, and in early October it was already $1,000.

The average settlement price of the nearest futures for September, according to RIA Novosti calculations based on the London ICE data, was $2,093. In August, the figure turned out to be a record for the entire history of the operation of gas hubs in Europe – since 1996, reaching $ 2,450. In October, quotes sank to about $1,500.