European Gas Prices Surge to Highest Level Since Late 2022
According to the International Desk of Webangah News Agency, gas prices on the European stock exchange have exceeded $1,000 per thousand cubic meters, marking the highest surge since December 22, 2022, as reported by Mehr News Agency citing RT.
Earlier, the Russian newspaper ‘Izvestia’ highlighted the increasing instability in the European fuel market, noting its current dependence on U.S. and Norwegian gas supplies for up to 60 percent of its needs.
Citing experts, the newspaper warned that in addition to fuel shortages, the main threat this winter could be a new wave of price hikes. The European Union is entering the cold season with gas reserves at only 65.6 percent, the lowest rate in the last 15 years.
The newspaper also pointed to the situation in the Strait of Hormuz as a factor that could further complicate the gas supply situation in Europe. Approximately 20 percent of the world’s liquefied natural gas resources, particularly from Qatar, transit through this crucial waterway.
