Russia Proposes Alternative Routes for Gas Supplies to Europe Amid Uncertainty Over Ukrainian Transit
Russia is ready to continue supplying gas to Europe through various routes beyond the Ukrainian transit pipeline, according to Deputy Prime Minister Alexander Novak. He highlighted that any new supply arrangements depend on agreements between the European Union and Ukraine.
Despite tensions over gas reserves in Europe, Novak emphasized that Russia’s continued gas deliveries are crucial, with 50 billion cubic meters already sent in 2024. Additionally, Novak confirmed that Russia will achieve 90% independence in oil and gas industry technologies in the next two to three years.
Novak also forecasted growth in global oil demand, with a 1.2 million barrels per day increase expected in 2024, continuing into 2025. Russia plans to export 33 million tonnes of liquefied natural gas (LNG) in 2024, with LNG supplies to Europe up by 18-20% from the previous year. In energy consumption, Russia is experiencing a 3% growth in electricity usage, driven by record energy demands.
The Russian government also introduced crypto-mining restrictions in regions with fragile electricity security, effective from January 2025.
On the global oil market, Novak agreed with the decision to postpone the start of oil production growth within OPEC+, calling it a balanced approach to smooth supply and demand adjustments.
