Russia gradually choked its gas supply to Europe through 2022, ending deliveries via Yamal-Europe and Nord Stream, and sharply cutting exports via Ukraine.

The Indian Gas Exchange (IGX) traded a record 1,14,53,200mn Btu (about 290mn m3) gas volumes in November, up 1,359% year/year, it said on December 5. The trade volumes were up 179% month/month.

The Worldwide Rig Count for November was 1,890, down 3 from the 1,893 counted in October 2022,and up 346 from the 1,544 counted in November 2021.

U.S. Rig Count is unchanged from last week at 784, Canada Rig Count is up 1 from last week to 195.

Gas prices are four times higher than normal for this time of year, fueling inflation and hurting economies.

With Russia cutting most of its gas supplies to Europe in the fallout over Moscow’s war in Ukraine, the continent is set to delve further into its stockpiles that it has spent months accumulating.

The EU aims to end its reliance on Russian fossil fuels by 2027. For now, Moscow’s move to halt supplies through the main Nord Stream 1 pipeline has led the bloc to increase shipments of Russian seaborne gas by around 50 per cent.

The European Union needs additional funds to decouple from Russian gas and shield companies and households from the current energy crisis,

Since Russia’s full-scale invasion of Ukraine in February 2022 and the reduction in natural gas pipeline imports from Russia that followed, European countries have reactivated development of previously dormant regasification projects and have started development of new projects.

Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.