Record surge in European gas prices

In this interview with Aziza Wassef from France24 Arabic, Dr Carole Nakhle, CEO of Crystol Energy, explains the reasons behind the surge in gas prices in Europe.

One feature of natural gas demand is seasonality so typically we would expect prices to rise in winter season due to an increase in demand for heating and electricity. This year, Europe entered the winter season with already higher-than-usual gas prices. For instance, a surge in gas prices was already seen in the summer season in the continent. The surge in prices has been the result of several factors; some economics and some political, including the rising tensions between Europe and Russia, Europe’s biggest gas provider.

Dr Nakhle concludes that the effect on the European consumer differs by location. In the UK, where the gas market is a free market, the rise in prices directly affects the consumer.

Watch the full discussion (in Arabic):

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