Why gas giant Russia is no quick fix for Europe's energy crunch

A worker fits drilling pipes at the Gazprom gas drilling rig in the Kovyktinskoye gas field, part of the Power of Siberia gas pipeline project, near Irkutsk, Russia, on April 7, 2021. Foto: Bloomberg photo by Andrey Rudakov.

Europe's worst energy crisis in decades could drag deep into the cold months as Russia is unlikely to boost shipments until at least November.

Gazprom is producing the most gas in more than a decade for this time of year, but the additional output is staying at home. Russia needs to refill its storage sites that were severely depleted after a long and cold winter and has embarked on a stockpiling campaign due to continue through October. Only then will it be able to flow more to Europe, according to Wood & Co. and Citigroup...

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