By Kim Mackrael and Joe WallaceEuropean countries on Tuesday reached a watered-down agreement to curb their consumption of natural gas over the next eight months in an effort to shield their economies from a possible cutoff of Russian supplies. But it contains significant carve-outs for countries with limited connections to other European gas networks and those whose electricity grids aren't linked to the European system. The agreement came a day before exports of natural gas through the Nord Stream pipeline to Germany by Russian state-owned producer Gazprom PJSC are due to fall to about one-fifth of the pipeline's capacity. Rocketing gas prices have already sent inflation to record highs in the eurozone and ricocheted through the region's financial markets. Kremlin spokesman Dmitry Peskov said Moscow hopes turbine issues that Russia has blamed for the reduction in Nord Stream exports would be resolved.

Source: Wall Street Journal July 26, 2022 19:03 UTC