OREANDA-NEWS Russian gas supplies to the European Union (EU) countries are increasing due to rising prices for this type of fuel in Europe, says Vladimir Demidov, an independent expert on the resources and energy market. 

Earlier it became known that in July 2023, pipeline gas supplies from Russia to Europe reached record values since August last year. Compared to June, the total volume increased by 16 percent and reached 13.5 billion cubic meters.

"The fact is that now the spot price of gas in Europe is slowly but surely growing, and the Gazprom price, despite the fact that it is also tied to spot prices, is lagging behind. Therefore, it is more profitable to buy Gazprom's gas in Europe now, which is under long-term contracts. This is the main reason why we had a fairly constant increase in gas supplies to Europe from Russia in June and July," Demidov explained.

During the auction on August 22, gas prices in Europe jumped by almost 10 percent, exceeding the $500 mark per thousand cubic meters for the first time since June 15. The next day, on August 23, the quotes fell below $ 400 per thousand cubic meters.