Russia cannot be blamed for gas crisis in Europe, says ex-BP CEO Dudley

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Russia cannot be blamed for gas crisis in Europe, Chairman of the Oil and Gas Climate Initiative (OGCI), ex-CEO of BP, Bob Dudley told TASS on the sidelines of the Russian Energy Week.

“I don’t think Russia could be blamed,” he said responding to the relevant question.

“Russia has been increasing gas production,” he added.

Dudley noted that there were some obvious reasons for the gas crisis in Europe.

The crisis in the gas industry in Europe escalated this autumn, after spot prices skyrocketed and exceeded $1,000 per 1,000 cubic meters and almost reached $2,000 per 1,000 cubic meters amid low occupancy of gas storage facilities. According to Dudley, the crisis was caused by a number of factors, such as a sharp recovery in demand for hydrocarbons, especially in Asia, as well as low investment in gas projects. As a result, the market has less supply than it needs.

Earlier, Russian Deputy Prime Minister Alexander Novak said that Russia fully fulfills its contractual obligations for gas supplies to Europe and is ready to consider new applications, but there are none. Novak added that Russia plans to set a new record for gas production this year.



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