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Gas Prices In Europe Exceed 3,000 Dollars Per Thousand Cubic Meters

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The price of gas in Europe continued to rise and currently soared above $3,000 per thousand cubic meters.

Gas price has jumped to $3,024 per 1,000 cubic meters, or 292.4 euros per megawatt-hour (MWh) in futures trading at the Dutch TTF hub according to the current exchange rate of the euro against the dollar.

As TASS reports, citing data from the ICE stock exchange in London, this is the first time since 8 March that the price has exceeded the level of $3,000, and the rise followed reports that Russia will suspend deliveries via Nord Stream 1 for three days starting 31 August, due to the repair of one compressor gas unit.

In addition, in a situation of reduced deliveries of Russian gas, Europe is facing a new problem in energy supply due to damage to the Caspian Pipeline (CPC) system, which transports oil from Kazakhstan through Russia.

The CPC company, which participates with about 1.0 percent in the global oil supply and whose largest shareholder is the Russian operator of the oil pipeline network Transneft, announced that the export of oil at two of its three moorings at the Black Sea terminal was suspended, reports Reuters.

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