Kostanza Rangelova: Russia has a significant influence on the gas market, continues to supply 20% of the fuel to Europe

Europe managed to do well in the previous mild winter. Currently, gas storage facilities at the European level are over 90% full. Kostanza Rangelova, senior analyst in the "Energy and Climate" program at the Center for the Study of Democracy, told BNR.

Russia continues to be a factor in gas supplies to Europe, and one that cannot be ignored. Mainly the quantities come through "Turkish Stream" and through Ukraine. About 20 percent of all gas supplies to Europe still come from Russia, which gives it significant influence on the market, commented Kostanza Rangelova.

She added that if Russia decided to influence supplies, it could lead to very high gas prices again.

If the flow through Ukraine is interrupted, Europe will have to take additional quantities that will be for Ukraine, the expert specified.

The measures to reduce the consumption of natural gas in Europe are not well expressed, Rangelova believes.

The US has significantly increased exports of liquefied natural gas to Europe, she noted. According to her, there is a prospect that exports from Australia will decrease in the coming months.

If one of the main sources of liquefied gas is unavailable for various reasons, especially if it is a larger supplier, it will have a very strong impact on prices and make it more difficult for Europe to give up Russian gas, Kostanza Rangelova added.

One of the most problematic markets is Spain - they have increased their imports of Russian liquefied gas very much. If they suddenly stop supplies of Russian liquefied gas and no alternatives are found, they will run out of supplies by January, the expert gave an example. According to Rangelova, the Spanish "have exposed themselves to economic risk and are vulnerable to geopolitical changes in gas flows".

Increasing signs that the Chinese economy is becoming increasingly difficult would push the prices of both gas and oil down, Kostanza Rangelova also pointed out.