Consumption of russian gas in Europe drops from over 40% to 8% and heading for zero — Energy Industry Research Center

According to last month’s results, the consumption of russian gas in Europe has decreased from more than 40% to 8% and continues to fall. Oleksandr Kharchenko, Director at the Energy Industry Research (EIR) Center made this statement at a briefing at Media Center Ukraine. According to him, russia has isolated itself from the European gas market, and investments in the restoration of the damaged Nord Stream pipelines are now unlikely.

“I have very sad predictions for russia regarding the amount of gas they will be able to supply to the European and world markets after Europe completely substitutes russian supplies. russia will sit on that gas and that’s it,” —Oleksandr Kharchenko said.

According to the expert, oil production also continues to decline in russia after the withdrawal of Western companies from its market. Another blow for the russian federation should be the introduction of restrictions on the price per barrel.

“We expect that oil sanctions will be implemented. We expect that a price ceiling will be introduced. Very tense negotiations on this matter are ongoing, but there are many encouraging signs. I want to believe that a 60-dollar price ceiling for russian oil, which is being actively discussed, will work. This will be a huge blow to the russian oil revenues, which, I remind you, will be more than USD 110 billion in 2021. After the introduction of sanctions, this amount will decrease by three times or more,” — the EIR Center director said.

As reported, on September 26, 2022, a series of explosions occurred on the Nord Stream-1 and Nord Stream-2 gas pipelines, and as a result, there was a gas leak. Both pipelines are owned and operated by Gazprom, russian state gas company and were built to transport natural gas from russia to Germany. The company said that the damage is unprecedented, and it is still impossible to estimate how soon it will be restored. The European Union and NATO called the large explosions in the Baltic Sea a deliberate act of sabotage.

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