The price of European gas rose for weeks after the capacity of a major pipeline carrying Russian gas to Germany was reduced by 60 percent. There are fears that Moscow will turn off the gas tap completely, until Europe has to deal with shortages this winter.
The planned attack on the Norwegian gas fields is adding additional pressure. You could lose up to 13 percent of Norway’s daily gas exports as a result of the strike. On Tuesday, three gas fields will be closed due to the managers’ strike, and three more on Wednesday. Fear of a further decline in gas supplies caused prices to rise by 2.7 percent.
Europe is trying to quickly reduce its dependence on Russian gas due to the war in Ukraine, but this gas is still in demand. Many countries have already put contingency plans into effect. In Germany, which is heavily dependent on Russian gas, companies fear not getting enough gas and may have to cut production.
Later this month, the Nord Stream pipeline across the Baltic Sea will be closed for annual maintenance. Germany takes into account that Russia, which recently cut supplies by 60 percent, will not reopen this pipeline at all.
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