The head of Novatek called the consequences of Russia's exclusion from LNG production

If Russia is excluded from the global production of liquefied natural gas (LNG), gas prices will soar, which will primarily affect the European Union (EU). This was announced on October 30 by Leonid Mikhelson, Chairman of the Novatek Management Board, speaking at the XVIII Verona Economic Forum in Istanbul.

"The European Union has included in the 19th package of sanctions the abandonment of Russian LNG in 2027. Russia now accounts for more than 10% of global LNG production. These volumes will simply go to other markets. It is simply impossible to exclude them from the global gas balance, there will be an unprecedented rise in prices, and the European consumer will pay the most in this case," he said.

According to him, the volume of demand for liquefied natural gas (LNG) in the world will increase by 4% in 2025, which will be facilitated by a significant increase in demand in Europe.

"The average annual increase in the LNG market is about 2%. However, due to the significant increase in demand in Europe, consumption is projected to increase to 4% this year," Mikhelson said.

Pipes are clean: Russia predicted a reduction in gas production

The IEA lowered its forecast to 690 billion cubic meters

On August 29, the head of European diplomacy, Kaya Kallas, called on EU countries to impose secondary sanctions against oil supplies from Russia, which will be similar to restrictions imposed by the United States. On September 12, it was reported that the European Union was finalizing the 19th package of sanctions against Russia. According to Callas, additional measures will be considered regarding the supply of Russian oil, tankers of the "shadow" fleet and banks.

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