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Recap on Russian gas pipeline exports to Europe
Following the Wagner mutiny two months ago, we covered the key tail risks to Russian gas & oil exports. In today’s piece we take a step back and review the current landscape of Russian pipeline gas exports to Europe. Since 2019 (~173 bcma) Russian pipeline gas exports have fallen precipitously led by: The drop in 2020, following renegotiation of the transit agreement via Ukraine and on the back of low prices in Europe The fall of flows via Poland from Q4’21 as Russia began to ramp up pressure on the European energy system The cessation of Nordstream 1 flows in September 2022, post Russia’s invasion of ... (full story)