The expert told when gas reserves in Europe may run out

ANKARA, Sep 10 – PRIME. Europe’s gas reserves could run out by January, said Mehmet Dogan, CEO of GazDay Enerji.

After the start of the special operation in Ukraine, the West stepped up sanctions pressure on Russia, which inevitably led to an increase in prices for electricity, fuel and food in Europe and the United States. At the same time, as Russian President Vladimir Putin pointed out, the policy of containing and weakening Russia is a long-term strategy of the West, and sanctions have dealt a serious blow to the entire global economy.

“Gas reserves in Europe may run out by the end of January, contrary to the announced plans to reduce the consumption of “blue fuel” by 15%,” Anadolu agency quoted Dogan as saying. The expert also noted that the filling level of European gas storage facilities has reached 80%.

Dogan recalled that after the COVID pandemic, there was instability in the market and the cost of 1,000 cubic meters of natural gas in Europe in 2020 was about 60-70 dollars. According to him, during the period under review, 385 million cubic meters of gas were supplied from Russia to Europe daily.

“Russian gas was pumped to Europe through Poland and Ukraine, as well as through the Nord Stream 1 gas pipeline. The cost of gas, which reached $ 200, was not given much importance. As prices rose to this level, traders who wanted to profit began to sell gas purchased at $ 70. At the same time, Russia, possibly taking into account the “game plans” did not begin to produce gas more than what was prescribed in the contract. Small European buyers and companies considered that, if necessary, Russia would still sell gas. However, everything went wrong as expected,” the expert explained.

Dogan also noted the missed opportunity due to the refusal to commission Nord Stream 2.

Nord Stream 2 was put on alert. Prices began to rise sharply. If Nord Stream 2 is put into operation, prices could go down. Unfortunately, the pipeline was not put into operation. This is how we arrived at the beginning of 2022. The price reached $1,500,” Dogan summed up.