World Trade Organization warns Europe about gas price hike in the coming winter

05.04.2023, Brussels.

Gas prices in Europe could rise sharply this coming winter if it turns cold,  the World Trade Organization [WTO] warns in its annual report, RIA Novosti wrote on April 5.

The WTO notes that the winter of 2022-2023 was mild, and it did not cause a big jump in gas prices. At its peak, $3892 per thousand cubic meters was paid; in March, prices dropped to $450.

“If European countries are unable to secure sufficient supplies of natural gas for next winter and if the weather is colder, prices could spike again,” the WTO report wrote.

The WTO noted that European countries have compensated for the decline in gas supplies from Russia by buying LNG from other countries, which has driven up prices.

Source: Rossa Primavera News Agency