Gazprom Reduces Supplies Again

Gazprom’s 27 July decision to reduce the gas it supplies through Nord Stream 1 to 33 mcm means it is now delivering just one-fifth of the pipeline’s capacity. This reduction ensures Europe will continue paying (ever higher prices) for (just enough) Russian gas in order to service its day-to-day needs, whilst leaving insufficient extra to fill storage units before the winter (in late June, the Commission mandated that EU gas storage facilities should be 80% full by 1 November). The Gazprom reductions come against the backdrop of a historically hot summer, where consumer demand, including for air conditioning, is significantly higher than normal.[i]

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