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Europe to face new round of gas price growth — Novak

The EU gas market and prices remain extremely sensitive to external factors, such as competitions for energy resources from the side of fast-growing Asian economies, the minister noted

MOSCOW, March 11. /TASS/. The situation on the gas market of EU member states still remains unstable, with external risks, as well as gas demand recovery, able to lead to another round of gas price growth in Europe, Russian Deputy Prime Minister Alexander Novak said in an interview with the Expert magazine.

"Materialization of any external risk is able to lead to a notable growth of prices for energy resources in Europe. Moreover, EU countries are in a position when gas demand recovery amid relatively low prices may lead to another round of price growth. Consequently, it is not correct to say that Europe has efficiently substituted supplies from Russia," he said.

The EU gas market and prices remain extremely sensitive to external factors, such as competitions for energy resources from the side of fast-growing Asian economies, Novak noted.

Gas consumption in the EU slipped by 7% in 2023 compared with the previous year to around 330 bln cubic meters, he said, adding that the decrease compared with 2021 totaled around 20%, which lead to deindustrialization of the EU economy.

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Alexander Novak

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