The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”

Europe has imported a record amount of LNG so far this year, 60% more than a year ago, helping to keep European prices at the Dutch TTF hub, the European gas benchmark,

German Economy Minister Robert Habeck will enact the “alarm” phase of the plan when he speaks at 10 a.m. local time Thursday on energy and supply security.

The Persian Gulf state, one of the world’s top LNG exporters, will demand that EU nations sign long-term contracts,

Possible uses of the technology, beyond rockets, include establishing a permanent base on the moon, and the technology could be adapted to provide power in "challenging environments on Earth,

Supply is likely to remain curbed with Gazprom PJSC’s chief Alexey Miller warning there’s no solution for now for issues with the gas turbines essential for the functioning of the pipeline.

In the worst-case scenario where the Nord Stream pipeline to Germany is shut totally, Europe will fail to reach storage levels the European Union has ordered by the start of the heating season in November. And the region could run out of stocks completely by January.

Eni SpA will receive just half of its requested gas volumes from Russia’s Gazprom PJSC on Friday, compared with about two-thirds the previous day.

The surge in electricity supply did little to ease rising prices that are being driven higher by climbing gas costs as Russia cuts some flows to Europe.

European nations have for months feared Russian supply cuts in retaliation for sanctions aimed at Moscow for its invasion of Ukraine.