Novak Says European Energy Crisis Likely to Reoccur

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The European energy crisis may reoccur in the future, and steps must be taken to prevent this, according to Russian Deputy Prime Minister Alexander Novak on Saturday, Izvestia reports.

According to Novak, Europe’s underground gas storage facilities are now short of around 25 billion cubic meters of gas.

The Russian Federation, according to the Deputy Prime Minister, “not only completely satisfies its obligations on gas deliveries, but has also boosted the number of supplies to global markets by 15% compared to the previous year.”

Saxo Bank’s head of commodities market strategy, Ole Hansen, stated that the European Union should have sufficient gas reserves. He went on to say that the EU anticipates Russian gas supplies to surge in early November, once Gazprom has recently filled its internal storage facilities.

On the same day, German Economy and Energy Minister Peter Altmeier stated that gas storage facilities in Germany are now 75% filled, indicating that the country’s authorities are competent to provide gas to the public.

He went on to say that Europe may convert to liquefied natural gas (LNG) supplies “at any time” and that major LNG facilities can be found in several European nations.