The Austrian company did not spoil Gazprom’s November in Europe

Russian gas pipeline exports to Europe in November increased by 8% compared to the previous year’s supply. The penultimate month of the year ranked fourth in terms of volumes sold by Gazprom to European consumers since the closure of Nord Stream at the end of August 2022. For the Russian company, exports were not harmed even by the interruption of the exports of the Austrian OMV, which had been linked to Gazprom for more than 50 years of cooperation.

In November, Gazprom will supply 2.75 billion cubic meters of gas to Europe, including Moldova, according to the EU GTS operator platform ENTSOG. These volumes are 25% higher than exports in the penultimate month of 2023.

Gazprom’s exports were not affected even by the action of the Austrian OMV, which, despite the ban by the Russian court, continued the arbitration in Stockholm, obtained compensation of 230 million euros and did not make any payment to the Russian company corresponding to October. Because of this, on November 16, the Russian company stopped shipments to one of the largest importers of pipeline gas from Russia.

Supplies to Austria continued, only, as ICIS analysts and Reuters sources reported, other Gazprom customers are already selling Russian gas at the local Baumgarten hub. For example, the Slovak SPP.

The Austrian OMV was the largest recipient of Russian gas through Ukraine (5.7 billion cubic meters per year). However, deliveries along this route remained almost unchanged in the second half of the month.

At the same time, Turkish Stream now remains the largest supply route to Europe: 53% of pipeline supply.

November was one of the last confirmations of the restoration of Gazprom’s exports to Europe to the limits possible today due to the decline in the number of consumers. As reported EADaily Greek companies have significantly increased their purchases.

In 11 months, gas supply increased by 14% to 29.25 billion cubic meters. And the difference of more than 3.5 billion cubic meters compared to last year could generate additional income for Gazprom in the order of 1.2 billion dollars.

The Ministry of Economic Development estimated that the average export price of Russian gas for Europe in 2024 will be $339 per thousand cubic meters, while for China it will be $288. Gazprom’s long-term European contracts, including the Moldovan one, provide for a link with it. the price of gas on the stock exchanges with a temporary delay.