The world gas market will remain in depression for a long time. Yelena Burmistrova, head of Gazprom Export, said this at the Eurasian Economic Forum.
She noted that industry analysts are cautious in forecasting a gradual recovery in pipeline gas demand amid lower temperatures. In addition to the weather, the market drivers cited as increased demand for electricity, stronger demand for LNG in Asia, reduced gas imports from Norway, and a reduction in nuclear energy production in France.
“However, I would like to warn against being overly optimistic for now … The surplus of gas on the market remains, and the consequences of the crisis will obviously be felt in 2021, ” stressed Burmistrova. And she added that in the longer term, the pace of economic recovery will play a decisive role in normalizing the situation on the gas markets.
Burmistrova said that gas exports to Europe are growing
At the same time, the head of Gazprom Export said that gas supplies to the European Union are increasing. “Already in the middle of summer, when demand in the power generation and industrial sectors began to recover in Europe, Gazprom's gas exports immediately reacted with growth. In particular, in September, 16.2 billion cubic meters were delivered to non-CIS countries, which is more than in any of the previous months of this year, “Burmistrova noted.
She also recalled that the company has adapted its electronic trading platform (ETP) under the new reality of the market. And it offered buyers new contracts with longer delivery periods instead of the usual spot ones.
At the same time, from May to early October, Gazprom Export did not supply gas under short contracts with delivery times of less than a month. “Such measures not only helped us to save prices from even greater pressure, but were also recognized by the market,” she noted.
In addition, according to Burmistrova, Gazprom Export maintained the balance of supply and demand in the market by increasing withdrawals from UGS facilities during maintenance of the main export routes during the summer months. : ///
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