Gas Prices Drop on International Market Following Putin's Statement

The Financial Times reports that gas prices on the international market have decreased following Russian President Vladimir Putin's announcement regarding the country's readiness to stabilize energy prices.

Recall that the Russian president stated yesterday that "Gazprom" has never refused to increase gas deliveries to foreign consumers if appropriate requests have been received.

President Putin noted that Germany, the largest consumer of Russian gas in Europe, received 10 billion 124 million cubic meters more gas during the first nine months of 2021 compared to 2020. "This is an increase of 131.8% compared to the previous year. Even in 2020, when the total volume of deliveries was reduced compared to 2019, we still supplied more gas to Germany by 4.7 billion cubic meters," Putin said.

The Russian president labeled 2021 as a period of economic recovery. "During the first nine months of this year, 18.8 billion cubic meters more have been delivered compared to the previous year, which is an increase of 15 percent compared to the same period last year," he stated.

According to Putin, if this trend continues, Russia will be able to record another record level of energy, including gas deliveries, to Europe.