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2015-08-04 19:15:00

RUSSIAN GAS UP

RUSSIAN GAS UP

Russian gas sales to Europe jumped to an all-time high in July, gas export monopoly Gazprom said on Monday, as European customers capitalised on a steep fall in prices.

Gazprom's gas prices are pegged to oil with a six-month lag, which means its customers are currently paying the equivalent of $45-$50 per barrel seen in January 2015 when oil prices crashed following a decision by OPEC not to reduce output.

The jump in exports will help Gazprom to endure one of the worst years in its history. The Kremlin-controlled company lost its position as western Europe's top gas supplier to Norway earlier this year and…

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Tags: GAS, PRICES, RUSSIA, SANCTIONS, GAZPROM
Chronicle:
RUSSIAN GAS UP
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