Russia’s state-run natural gas producer Gazprom saw exports decline 11.5% in October from the prior month, mainly because European Union gas storage facilities are nearing total capacity amid mild weather.
The news could give hope to the EU, as the bloc weans off from Russian energy and prepares for a looming supply crunch this winter. Russia has historically supplied around 40% of the EU’s gas consumption and has threatened to completely halt selling gas if the EU presses forward with a planned gas price cap.
However, balmy temperatures have shrunk demand, giving the continent some additional space to add more gas into storage, Bloomberg reported on Tuesday. EU gas stockpiles were at 94% capacity last week, above the five-year average of 89%.
Meanwhile, Russia’s total gas flows to Europe are about a fifth of pre-war levels after Gazprom cut off deliveries via the Nord Stream 1 pipeline in September.
However, experts and industry officials have warned Europe isn’t completely set for winter and could still be slammed with blackouts as supply is set to grow even tighter.
