Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Gazprom Sees EU Gas Prices Up 4%

Gazprom expects gas prices for European customers to rise by 4 percent next year from the average forecast price for this year, Vedomosti said Thursday.

The paper quoted sources in the gas company as saying the price for gas exports to Europe would rise to $275.1 per 1,000 cubic meters in 2008 from $265 per 1,000 cubic meters forecast for this year.

Gazprom, which provides Europe with one-quarter of its gas needs, plans to supply 157.6 billion cubic meters to Europe next year, the paper said.

The Economic Development and Trade Ministry has forecast the country's gas price for Europe will rise to $281 per 1,000 cubic meters next year, while analysts expect an even higher rise to $290 to $320. The forecasts were based on average prices for global refined products, which gas prices depend on. Gas oil prices in Europe have risen by 48 percent from April to August.

Gazprom sold its gas at an average of $261.9 per 1,000 cubic meters in Europe in 2006.