Free Republic

Russia is burning off significant quantities of natural gas worth millions of dollars daily, which would have gone to Germany through the Nord Stream 1 pipeline. Experts at Norway-based Rystad Energy found that a new liquified natural gas (LNG) facility northwest of St. Petersburg is burning an estimated $10 million worth of gas every day. The LNG plant is located close to a compressor station at the start of the Nord Stream 1 pipeline, which transports gas to Germany under the sea via a Baltic Sea pipeline. Gazprom, the Russian energy giant, announced in July that it would reduce natural...

Russia and Iran are have begun talks to create an OPEC-like cartel for natural gas which would allow them to coordinate an “extraordinary” level of reserve output, giving them tremendous control over the tightness of the market and the price of the resource, according to a report by OIlPrice. The report said, “Occupying the number one and number two positions in the world’s largest gas reserves table, respectively – Russia with just under 48 trillion cubic meters (tcm) and Iran with nearly 34 tcm – the two countries are in an ideal position to do this.” Russia’s Gazprom and the...