Energy, gas consumption for war decreases. Gazprom data

First real effects of the war on world gas demand. Not that there were any particular doubts about the impact of the conflict unleashed by Russia in Ukraine. The figures came from none other than Gazprom, the giant that has kept Europe in check for how long, dependent on supplies from the Kremlin.

In the first nine months of this year, the world’s gas demand has decreased by about 40 billion cubic meters. In this reduction, 75%, equivalent to 30 billion cubic meters, is the share attributable to 27 European Union countries. Therefore, most of the flows, as reported in an official Gazprom note, providing the first preliminary estimates, were stopped by Europe, which confirms itself as the first buyer of Russian gas. The Moscow-based energy giant also highlighted that gas consumption in the UK has also declined: in the specified period, it was around 5 billion cubic meters.

Therefore, “the total share of the EU and the UK in reducing global demand is almost 90%”. In detail, in the period from January to September 2022, Gazprom produced 313.3 billion cubic meters of gas, 17.1% (64.8 billion cubic meters) less than last year. Gazprom highlights that exports to non-CSI countries amount to 86.9 billion cubic meters, 40.4% (from 58.9 billion cubic meters) less than in the same period in 2021 and claims to supply gas “in accordance with confirmed orders. Gas exports to China are growing through the Power of Siberia pipeline as part of a long-term bilateral contract between Gazprom and CNPC. Deliveries regularly proceed beyond the daily contractual quantities.” The Russian giant then , reassured about the interruption of methane leaks in the Baltic, after the Nord Stream 1 leaks that caused panic in the energy markets, impacting the gas price. “The pressure on the damaged Nord Stream pipelines has stabilised. of the Nord Stream 2 pipeline and on both lines of the Nord Stream 1 pipeline stabilized after the ruptures and leaks ceased.” Meanwhile, the start of the week is on the rise for oil prices. In November up 2.69% to $81.64 while Brent for December delivery is up 2.58% to $87.34. The focus is on the October 5th meeting of OPEC+ which in this circumstance could decide to cut production.