Russian Energy Week to begin
President Vladimir Putin will deliver an address as the opening keynote speaker to begin Russian Energy Week today in Moscow.
This forum, from October 13-15, includes various panels which will address developments in the Russian energy sector, including the natural gas industry. This Energy Week comes following recent tensions around Gazprom gas shortages in Europe.
Gazprom is the primary Russian natural gas exporter and supplies 35% of Europe’s gas needs. European politicians have expressed skepticism that Gazprom is providing the maximum amount of gas. Gazprom says they intend to prioritize domestic reserves and that they won’t increase European shipments until Russian storage facilities are filled (anticipated by end of October). However, north-west Europe has already recorded low levels of gas storage which could point to Gazprom not fulfilling its shipment contracts in the winter. Additionally, Gazprom has not reserved any more transit capacity to Europe while plenty remains available.
Gazprom and Russian officials will likely continue to assert that they will fulfill energy contracts to Europe. Expect Putin to echo the importance and scale, nationally and in Europe, of Russian energy resources in his speech. He will likely emphasize the regional superiority of the Russian natural gas industry.
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