Gas prices soar as Russia cuts German supply


Gas prices soar as Russia cuts German supply

By Noor Nanji
Business reporter, BBC News


The Nord Stream 1 pipeline is now operating at just a fifth of its usual capacity…

Gas prices have soared after Russia further cut gas supplies to Germany and other central European countries after threatening to earlier this week.

European gas prices rose almost 2%, trading close to the record high set after Russia invaded Ukraine.

Critics accuse the Russian government of using gas as a political weapon.

Russia has been cutting flows through the Nord Stream 1 pipeline to Germany, with it now operating at less than a fifth of its normal capacity.

Before the Ukraine War, Germany imported over half of its gas from Russia and most of it came through Nord Stream 1 – with the rest coming from land-based pipelines.



By the end of June, that had reduced to just over a quarter.

Russian energy firm Gazprom has sought to justify the latest cut by saying it was needed to allow maintenance work on a turbine.

The German government, however, said there was no technical reason for it to limit the supply.

READ MORE HERE >> https://www.bbc.com/news/business-62318376

 

 

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