Gazprom Cuts Gas To Austria Off, Just In Time For Winter

November 16, 2024

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Russia’s Gazprom PJSC has decided to play its favorite game: pipeline politics. Starting November 16, Austria is off the guest list for Russian natural gas, following a €230 million ($242 million) arbitration spat between Gazprom and Austria’s OMV AG. OMV, refusing to let that cash slip away, decided to withhold payments to Gazprom.

As one might have guessed, that ended poorly.

Unsurprisingly, European gas prices didn’t take the news well. Futures climbed 2.7% to €47.49 per megawatt-hour, as traders braced for yet another disruption in a continent that’s seen enough energy drama already. Europe’s gas supply has been teetering on a knife’s edge since the 2022 energy crisis, with any whiff of trouble sending markets into a frenzy...

To read more visit OilPrice.com.

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