Gazprom also told Italian gas giant Eni that it would reduce gas through a different pipeline by roughly 15% on Wednesday. The reduced flows to two of Europe's biggest importers of Russian natural gas follow Russia's previous halt of gas supplies to Bulgaria, Poland, Finland, the Netherlands and Denmark. While gas storage is refilling well, the cutoffs and reductions come on top of an explosion at a liquefied natural gas terminal in Texas whose exports were largely going to Europe, adding another squeeze to the tight natural gas market, energy expert Tagliapietra said. As a rule, suppliers have always succeeded in getting hold of gas from other sources.”He said there's no supply problem in Germany, which gets about 35% of its natural gas from Russia, and it should be able to keep filling up reserves. The EU has outlined plans to reduce its dependence on Russian gas by two-thirds by year’s end.

Source: Forbes June 16, 2022 00:19 UTC