President Vladimir Putin said on Wednesday Russia was not using gas as a weapon and was ready to help ease Europe's energy crunch as the EU called an emergency summit to tackle skyrocketing prices.
in Moscow that the gas market was not balanced or predictable, particularly in Europe, but said Russia was meeting its contractual obligations to supply clients and was ready to boost supplies if asked.
Russia and Europe have been embroiled in a dispute over a new pipeline, Nord Stream 2, to supply Russian gas to Germany. The pipeline is built but awaits approval to start pumping, amid opposition from the United States and some Europeans nations that fear it will make Europe even more reliant on Russia.
"The world is not investing enough to meet its future energy needs," it said in a report, published before the United Nations COP26 climate change conference in Glasgow, Scotland, which starts on Oct. 31.As renewables have failed to fill gaps amid surging demand, oil and gas prices have roared higher.for 2021 but said surging gas prices could mean customers switch to oil.Putin said that oil prices could reach $100 a barrel. "This is quite possible," he said.
"We're reaching out to trade partners to discuss if it's possible to increase their deliveries in the market," EU energy commissioner Kadri Simson said.In China, the most-active January Zhengzhou thermal coal futures touched a record high of 1,640 yuan per tonne on Wednesday, up more than 190% so far this year.
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