On Monday, the head of Russian gas major Gazprom’s exporting arm Elena Burmistrova said that the US is to blame for the gas glut in Europe.
She elaborated that the US exports of liquefied natural gas (LNG) have brought excess supplies in Europe’s natural gas market which would continue in 2021. In the first six months of 2020, she said, LNG supplies to Europe rose by roughly 17% year-on-year or almost 10 bcm.
This year, Gazprom’s gas exports to Europe would be at least 170 bcm, compared to last year’s 199 bcm.
“The US LNG suppliers have unbalanced the European market and failed to stabilize it,” she said.
Gazprom’s European gas market has been declining due to slow demand and competition from other supplies such as LNG. The region is where the company makes 55% of sales revenue.
Burmistrova also commented that the threat of additional US sanctions against the Gazprom-led Nord Stream 2 gas pipeline project is a US measure to oust Russia by using non-market instruments.
