Gas Prices Begin to Decline Following Putin's Statement: What Did He Say?

The British Financial Times has reported that global gas prices have started to decrease following Russian President Vladimir Putin's announcement that Moscow is ready to assist in stabilizing global energy prices.

According to the Financial Times, after these statements from the Russian president, gas prices, which had risen tenfold compared to the beginning of the year, have begun to sharply decline. At the end of trading on the ICE exchange, the price of gas fell below $1,250 per thousand cubic meters, which is 1.5 times lower than the historic maximum recorded on Wednesday ($1,920 per thousand cubic meters).

The Financial Times identifies Great Britain as one of the countries most affected by the increase in gas prices. The publication notes that during non-windy weather, when the share of renewable energy sources in the country's energy balance decreases, gas can account for more than 50% of the electricity produced in Great Britain.

TASS reminds that on October 6, Putin held a meeting to discuss energy issues, during which he supported the initiative to increase the supply of gas in the market against the backdrop of rising energy prices in Europe. Putin emphasized the need to discuss these ideas to ensure that everything is done without harming Russia.