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The European gas prices had fell on Thursday 28th For 2021 as the Russian President Vladimir Putin ordered Russia’s largest natural gas company to inject additional gas into EU storage facilities.
The gas prices in Europe as seen has Previously risen sharply in recent weeks, owing to increased demand in Asia as a result of the pandemic’s economic recovery and decreased European Union stockpiles as a result of the severe winter.
After filling domestic depots by Nov. 8, Vladimir Putin had directed Alexei Miller, the director of state-controlled gas giant Gazprom, to begin pumping gas into the company’s storage facilities in Austria and Germany during a call with officials late Wednesday 27th Oct. Now as the a new day have now come up and we see that the price of gas had dropped a little whi means that Vladimir Putin directive had an immediate impact on European gas prices.
This will allow us to meet our contractual obligations in a dependable, steady, and consistent manner, as well as provide gas to our European partners in the autumn and winter,
Vladimir Putin added.
This will result in a more advantageous situation, at the very least, in the European energy market as a whole.
While Gazprom has met its long-term obligations, it has chosen to fill internal storage rather than sell additional gas on the EU spot market. Some European lawmakers have claimed that Russia is withholding gas to put pressure on German and EU officials to approve the Nord Stream 2 project, which was just finished.
Last week, Vladimir Putin said that one of the two connections of the new pipeline beneath the Baltic Sea had already been loaded with gas as part of the preparations for its debut, and that shipments might begin the next day if authorities approve it.
The Ukrainian officials are concerned that the pipeline will cost the country $2 billion in annual gas transit fees and degrade its international reputation in the wake of Russia’s annexation of Ukraine’s Crimean Peninsula in 2014 and assistance for separatist terrorists in eastern Ukraine.