OIES Podcast – Impact of Russia-Ukraine War on Energy Markets Series – 13 – Issues with gas flows via Nord Stream
In this latest OIES podcast James Henderson interviews Jack Sharples, Mike Fulwood and Katja Yafimava about their latest OIES Energy Comment “The curious incident of the Nord Stream gas turbine” in which they discuss the recent reductions in gas flows via the Nord Stream 1 pipeline. The podcast reviews the history of Nord Stream 1 gas flows and their importance to Russian gas exports before exploring the details behind Gazprom’s decisions to reduce flows over the past month. The team discuss the issue of Canadian sanctions and their impact on the maintenance of one of the gas turbines for the pipeline, assess how this might affect future maintenance schedules and look at the impact is could have on flows of gas through Nord Stream ahead of the European winter season. They also review Gazprom’s decision to declare force majeure on a number of its contracts and on the rights of European buyers to challenge this, while also discussing the outlook for European gas storage levels if Nord Stream volumes are reduced again or indeed fall to zero in the coming months. Finally, the podcast assesses the reaction of global LNG markets to the current state of Russian gas exports and examines whether there is further potential for increased imports to Europe over the coming months.