Europe's underground storage facilities are 94% full of maximum capacity
According to information released on Monday, October 7, by the European Network of Transmission System Operators for Gas (ENTSOG), between January and September 2024, the volume of Russian pipeline gas supplies to Europe increased by 17% compared to the same period in 2023 to 23.7 billion cubic meters. The total volume of Russian gas exports in September amounted to 2.7 billion cubic meters.
Most of the “blue fuel” was supplied to European countries via the Turkish Stream pipeline running under the Black Sea. Exports from Russia to Turkey and subsequent deliveries to European countries increased year-on-year by 27% to 12.2 bcm. Despite the armed conflict between Russia and Ukraine, gas supplies transiting through Ukraine via the Russian gas pipeline start from a pumping station located in Sudzha, the scene of fierce fighting in Russia’s Kursk region, which was invaded by Ukrainian armed forces on September 6.
According to the Russian newspaper Vedomosti, although underground gas deposits in Europe are already filled to 94% of their maximum capacity, European countries continue to buy Russian gas due to favorable prices offered by Russia.
But the situation may change after Kiev’s decision to block Russian exports from January 1, 2025. Over the past two years, Russian deliveries through Ukraine have averaged 40 to 43 million cubic meters of gas per day. The planned “tap closure” will primarily affect Eastern European countries, from Poland to Hungary, Czechia, and Slovakia.
In this situation, Russia is “ready to strengthen traditional partnerships in the fuel and energy sector, as well as to develop new ones, if it is profitable.” As Russian Deputy Prime Minister in charge of energy Alexander Novak (pictured) said at a press conference, “Russia realizes the potential interest of a certain number of countries in energy supplies, including gas, from Russia.”
According to Novak, “despite the sanctions pressure of the so-called ‘collective West,’ Russia is successfully developing cooperation with many countries around the world, fully ensuring the fulfillment of all obligations to its partners and increasing supplies to the Asian region and the Pacific Ocean countries.”
In particular, Russia, which seeks to “maintain balanced prices in global energy markets,” is particularly interested in discussing new joint energy projects with India. “We are always open to discussing new projects in the energy sector with our long-standing friends, be it mining, oil refining, or commercialization and power generation projects,” Novak stressed. India is one of Russia’s key partners in the energy sector: in 2024, Russian oil companies became the leaders in crude oil supplies to Indian refineries.