5 Sep 2022 10:19

Novak not ruling out further gas price growth in external markets: winter and many unpredictable things ahead

PETROPAVLOVSK-KAMCHATSKY. Sept 5 (Interfax) - The winter season in the Northern Hemisphere with many uncertain factors could lead to new price spikes in the market, Russian Deputy Prime Minister Alexander Novak said in an interview with Pavel Zarubin, the host of the "Moscow. Kremlin. Putin" program on the Rossiya-1 TV channel.

It is EU energy policy has led to the current market situation, Novak said. "Short-sighted policy has contributed to the fact that we are witnessing a collapse in the energy markets of Europe," he said.

"And this is not yet the limit, because we are still in the warm season, we still have winter ahead of us, and there is a lot of unpredictability," the deputy prime minister said.

Novak did not rule out that gas prices would continue to rise: "Well, in my opinion, it is not impossible."

An all-time high in terms of European gas prices was logged on March 7, 2022, when the April futures price was at one point $3,898. At the end of August, the gas price rose above $3,500 per thousand cubic meters.