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28 Aug, 2022 13:17

Russian ex-president makes grim gas price forecast

Dmitry Medvedev updates his previous outlook, saying that EU gas prices will soar to €5,000 in 2022
Russian ex-president makes grim gas price forecast

Former President of Russia Dmitry Medvedev has issued an updated forecast for gas prices in the European Union, saying that they will skyrocket to €5,000 by the end of the current year.

“Given the increase in gas prices to €3,500 per thousand cubic meters, I am bound to raise the projected price to €5,000 by the end of 2022,” Medvedev posted on his Telegram channel, addressing heads of state and governments of the EU.

“With warm regards,” Medvedev, who is currently deputy chair of the Russian National Security Council, wrote at the end of the message.

Along with the gloomy projection, Medvedev shared a painting “Farther Gas,” by Russia’s modern primitivist artist Vasya Lozhkin.

Earlier in the week, Medvedev had said that gas prices in the EU could reach €4,000 per thousand cubic meters by the end of 2022. He had previously predicted that the price of gas in Europe would reach €2,000 per thousand cubic meters as a result of the suspension of certification of the Nord Stream 2 gas pipeline project.

On Friday, natural gas spot prices in Europe continue to rise with September futures on the TTF hub in the Netherlands jumping to nearly $3,500 per thousand cubic meters, marking a record high since 1996. The weekly surge amounted to nearly $1,000, or 40%.

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