{"id":216646,"date":"2024-12-05T16:24:18","date_gmt":"2024-12-05T14:24:18","guid":{"rendered":"https:\/\/www.arabtelegraph.com\/?p=216646"},"modified":"2024-12-05T16:24:18","modified_gmt":"2024-12-05T14:24:18","slug":"european-gas-prices-soar-to-record-high-this-year-amid-fears-over-russian-supplies","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=216646","title":{"rendered":"European Gas Prices Soar to Record High This Year Amid Fears Over Russian Supplies"},"content":{"rendered":"
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Although reducing energy dependence on Russia became one of the European Union’s top priorities after the West unleashed its sanctions campaign against Moscow in 2022, the move has backfired on the continent. As Europe faced a crippling energy crisis, Russia retained its position as the world’s largest gas exporter in 2023.<\/div>\n<\/div>\n
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Gas prices in Europe surged to this year\u2019s highest in November, slightly hovering above\u00a0$490 per 1,000 cubic meters<\/strong>, according to calculations based on data from London\u2019s ICE.<\/div>\n<\/div>\n
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Gas futures traded at $491.2 per 1,000 cubic meters in November, which is $35 (7.7%) more than the October figure of $455.9. This price is also $20 (3.9%) less than the $511.3 per 1,000 cubic meters that gas futures traded at last year.<\/div>\n<\/div>\n
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At the close of November, European gas prices exceeded $530 per 1,000 cubic meters for the first time this year.<\/div>\n<\/div>\n
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Prices have been nudging higher since October, with the approach of the heating season and amid uncertainty around supplies from Russia of both pipeline and liquefied natural gas (LNG). Russia\u00a0suspended fuel deliveries<\/strong>\u00a0to Austria’s OMV in mid-November, while the contract between Ukraine and Gazprom allowing gas shipments\u00a0via Ukraine expires\u00a0on January 1, 2025.<\/div>\n<\/div>\n
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\"Gas<\/div>\n<\/div>\n
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The West\u2019s short-sighted sanctions that cut Europe off affordable and dependable pipeline-delivered Russian gas triggered a devastating\u00a0energy crisis in 2022<\/strong>, with the continent now facing a possible repeat of that chilly scenario.<\/div>\n<\/div>\n
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Russia, on the other hand, became the EU\u2019s largest gas source in September for the first time since spring 2022. Its share reached\u00a023.7%<\/strong>, Sputnik calculated based on data from the European Statistical Office. Russia also retained its global leadership in gas exports in 2023, with a net export of\u00a0139 bcm<\/strong>, according to the International Gas Union (IGU).<\/div>\n<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Although reducing energy dependence on Russia became one of the European Union’s top priorities after the West unleashed its sanctions campaign against Moscow in 2022, the move has backfired on the continent. As Europe faced a crippling energy crisis, Russia retained its position as the world’s largest gas exporter in 2023. Gas prices in Europe …<\/p>\n","protected":false},"author":3,"featured_media":216647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[266],"tags":[],"class_list":["post-216646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nEuropean Gas Prices Soar to Record High This Year Amid Fears Over Russian Supplies - Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=216646\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European Gas Prices Soar to Record High This Year Amid Fears Over Russian Supplies - Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Although reducing energy dependence on Russia became one of the European Union’s top priorities after the West unleashed its sanctions campaign against Moscow in 2022, the move has backfired on the continent. As Europe faced a crippling energy crisis, Russia retained its position as the world’s largest gas exporter in 2023. 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