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Russia seeing record gas demand but still ready to boost EU supplies, Novak says

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Flames from a fuel burner are mirrored on a cooker in a non-public residence in Dangerous Honnef close to Bonn, Germany, October 11, 2021. REUTERS/Wolfgang Rattay/File Photograph

MOSCOW, Oct 16 (Reuters) – Russian fuel consumption is working at a report excessive however Moscow remains to be prepared to extend provides to Europe ought to it obtain such requests, Deputy Prime Minister Alexander Novak mentioned on Saturday.

European spot fuel costs have surged by 800% this yr as demand has recovered after the coronavirus pandemic. Costs eased earlier this month after Russia, Europe’s key fuel provider, mentioned it may ship extra, however these provides have but to materialise.

“I need to underline that we in Russia have report excessive fuel consumption figures this yr, which can be attributable to lively financial restoration,” Novak mentioned in an interview with the Rossiya 1 TV channel broadcast, in keeping with Russian information businesses.

Russia, whose fuel manufacturing and exports to EU are already close to report highs, has mentioned it wants to complete filling its personal fuel storage reserves earlier than it will increase provides to Europe’s spot market. It plans to finish this by end-October.

Novak didn’t say how massive Russia’s fuel reserves have been however estimated that European underground amenities have been in need of round 25 billion cubic metres of fuel.

He insisted excessive home demand wouldn’t cease Russia providing extra provides to Europe if it obtained such requests.

Reporting by Vladimir Soldatkin
Writing by Maria Tsvetkova and Katya Golubkova
Modifying by Alex Richardson and Christina Fincher

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