Novak: Russia may resume spot gas sales after filling its reserves | latest news

Novak: Russia may resume spot gas sales after filling its reserves | latest news
Novak: Russia may resume spot gas sales after filling its reserves | latest news

Russian Deputy Prime Minister Alexander Novak announced that his country may resume immediate gas sales after completing the filling of its reserves, in a move that may ease pressure on prices in Europe.

Novak did not say when that would happen and in what quantities those sales would be, but the government said it intended to keep increasing domestic stocks until November 1.

Asked whether Moscow would resume spot sales once the reserves were filled, Novak told reporters, “If those opportunities arise, of course we will.”

His comments came as Russia faces pressure to increase gas shipments to Europe, which has seen a significant increase in prices this year. It raised household bills and hurt industrial users such as steelmakers and fertilizer producers.

Novak stated that the country’s gas production has reached its maximum capacity at the present time and that its average production of crude oil was 9.8 million barrels per day in October.

Critics accuse Russia of deliberately withholding supplies to exert political pressure and get faster regulatory approval for the recently built Nord Stream 2 pipeline, which will double the amount of gas that can be shipped through the Baltic Sea to Germany.

Russia denies this, and says that it fulfills its obligations according to the contractor, which was confirmed by major European clients.

President Vladimir Putin said this week that the idea of ​​Moscow using energy as a weapon was “absurd”, adding that Russia was ready to supply Europe with more gas if requested.

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Novak Russia resume spot gas sales filling reserves latest news

 
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