The European Union and Norway agreed on Thursday to cooperate to bring more gas from western Europe’s biggest producer to the EU’s 27 countries, nearly half of which are now grappling with cuts to Russian gas supplies.

Nearly half of these countries are currently grappling with cutbacks in Russian gas supplies. Brussels said 12 EU member states are facing gas cuts after Russia reduced the flow through the Nord Stream 1 pipeline last week, citing technical issues.

‘EU’ Norway Agree to Increase Gas Deliveries as Russian Cuts Deepen | Devamı>>>

Energy Minister Nikolai Shulginov said on Wednesday that domestic gas storage was 9 7% filled, without disclosing the specific figure. Ronald Smith, senior oil and gas analyst at Russia’s BCS brokerage, estimates that the storage stands at around 69 billion cubic metres (bcm), close to the company’s publicly disclosed target full-storage level of 72.6 bcm.

Gas markets in Asia and Europe have sky-rocketed this year, with benchmark Dutch gas hub spot prices jumping by 365 % since the year-start, fuelled by low inventories and surging demand as economies recover from the COVID-19 crisis.

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