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European Concerns Raised by Gazprom’s Statement

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Gazprom has claimed that Europe will struggle to fill underground storage facilities next summer. The Russian energy company Gazprom suggested that reliable natural gas suppliers in Europe are decreasing and will face difficulty filling underground storage facilities next summer. The statement from Gazprom included an assessment of developments in the European natural gas sector. The statement pointed out that European countries are rapidly depleting natural gas in underground storage facilities, with only 34.3 billion cubic meters of gas left in these storages as of March 31. The statement also highlighted that gas withdrawal from storages in Europe reached a record level, despite temperatures following seasonal norms. It was mentioned in the statement that Europe will start the storage filling period with significantly empty facilities, stating that “Considering the decrease in reliable gas sources, Europe will struggle to fill underground storage facilities this summer and prepare for the upcoming winter.” Before the conflict in Ukraine, Gazprom was Europe’s largest natural gas supplier and had increased its market share on the continent to 40% by 2022 through approximately 50 years of pipeline investments. Due to sanctions, Gazprom lost customers to liquefied natural gas (LNG) suppliers such as the U.S., Qatar, and Norway, while it shipped around 15 billion cubic meters of natural gas to Europe last year, the volume was at 201.7 billion cubic meters in 2021.

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