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Gas prices in Europe rose nearly 20% this week, CNBC reported, as Russian natural gas flows dropped to less than 20% of their usual capacity in Germany’s Nord Stream 1 pipeline.
The U.S. and Russia have been the predominant producers of natural gas. [1] Russian natural gas production (red) and exports (black), 1993–2011 [needs update]. In 2021 Russia was the world's second-largest producer of natural gas, producing an estimated 701 billion cubic meters (bcm) of gas a year, and the world's largest natural gas exporter, shipping an estimated 250 bcm a year. [2]
January gas supplied by Russia to Europe was 1.7b m3 compared with 13b m3 average per month for the 2021 year. [32] The price of natural gas in Europe fell to an 18-month low in mid February of €49pmh with gas storage across the European Union at 65% capacity, well above the average of 45% at this time of year. [33]
The price of natural gas began to rise amid tensions in Russia in 2022 but reached a record high in the U.S. after the country invaded and sparked a yearslong war with its neighboring country ...
On 26 April, Russia announced it would cut off natural gas exports to Poland and Bulgaria because of their refusal to pay in rubles. On 21 May, Russia halted all of its gas exports to Finland for the same reason. [38] Natural gas prices are expected to remain extremely volatile in the current context of market uncertainty.
About 14.65 billion cubic metres (bcm) of gas was supplied via Sudzha in 2023, or about half of Russian natural gas exports to Europe. EU gas consumption fell to 295 bcm in 2023.
Major natural gas pipelines from Russia to Europe Sources of European natural gas, 2010–2017. Russia (dark brown) was the source of 35% of total EU natural gas consumption in 2017.
Transnistria is facing heating cuts after a halt in piped Russian natural-gas supplies to Europe via Ukraine. The gas halt follows Ukraine's decision not to renew a gas transit contract with Russia.