ST. PETERSBURG, November 1. /TASS/. Only an increase in Russian gas supplies can lead to a decline in gas prices in Europe, Russian Energy Minister Nikolay Shulginov said at the St. Petersburg International Gas Forum.

"Russia can supply gas to Europe if they want to reduce prices. Now their prices can start to rise again. Only the supply of Russian gas can lead to a decrease," he said.

"Russia, having huge gas reserves - 70 trillion cubic meters - could present the possibility of selling (its gas to Europe), given its low cost, at reasonable prices," Shulginov added.

He noted that such a possibility should be taken into account in the event of a cold winter in Europe.

According to the minister, any level of gas accumulation in underground storage in Europe is not enough to reduce prices, since any cold snap will lead to an imbalance in the European gas market.