Gas Prices in Europe Fall after Putin’s Statement

The exchange price for gas in Europe is going down: the cost of November futures fell by 5 percent – to almost a thousand dollars per thousand cubic meters, Russian media inform.

Earlier it became known that Gazprom is ready to start pumping fuel into European storage facilities in November, after Russian President Vladimir Putin gave the order to the company.

“In the conditions of the modern global economy, taking into account Russia’s traditionally close ties with European countries, the tense situation in foreign markets carries certain risks for our country. I have already instructed the government to develop a special set of measures in this regard by November 1 in order to minimize negative consequences for Russia from a shortage of energy in Europe and to stabilize the markets of fertilizers, metallurgical products and, as a consequence, food.” Putin stated.

“I want to emphasize: the situation in Europe clearly shows how important is to have a stable, reliable cooperation in the energy sector,” the Russian leader emphasized.

The concern will start pumping in Europe immediately after it completes filling the Russian storage facilities on November 8, said Gazprom CEO Alexei Miller.

Earlier, the exchange prices for gas in Europe broke a record of $ 1,900 per 1,000 cubic meters. The increase in cost was caused by a shortage of fuel reserves in European storages, which were at a ten-year low, according to the TV channel “Russia 24”.