Russia made a record profit from rising gas prices
Russia made a record profit from the rise in gas prices, and Europe has no alternatives to supplies from the Russian Federation.
“Gazprom’s income from gas exports has doubled in eight months. In the summer months, when the main increase in fuel prices in Europe was observed, the export price of the Russian holding tripled,” writes Nezavisimaya Gazeta.
From January to August, the Russian gas giant earned $28,4 billion, the publication notes.
“Europe confirms its acute dependence on gas. Russian gas for Europe is pipeline gas, and therefore the cheapest. The lack of Russian supplies will lead to supplies from other countries, but they will be 40–80% more expensive (longer, unloading/loading of tankers, downtime and maintenance at ports, additional infrastructure, refusal of port facilities to handle goods in favor of tankers only),” – said Associate Professor of the Russian University of Economics. Plekhanov Alexander Timofeev.
In the long term, gas consumption around the world will only grow, says Artem Deev, head of the analytical department at AMarkets.
Taking into account the depletion of gas production resources in the EU, the EU's need for fuel imports will increase by 2035 to 407–454 billion cubic meters against 322–324 billion cubic meters. m of gas now, says Alexander Osin, an analyst at the trading operations department of Freedom Finance.
There will be no alternative to Russian gas in the next decade, economist Andrei Loboda is sure.
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