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ICICI Direct Report
In 2020 and 2021, the Nord Stream pipeline was the largest single route for Russian gas deliveries to Europe. In 2021, Nord Stream supplied a little over 40% of Europe’s pipeline gas imports from Russia. Since October 2017, Nord Stream has generally operated at its full 165m cubic meter per day capacity, outside the annual scheduled 10-day maintenance every July. Factors that led to Russian gas-flow drops in 2021 and 2022:
Severe winters in northeastern Asia caused liquefied natural gas cargoes to be drawn away from Europe, leading to a heavy drawdown in European stocks. At the same time, Russia experienced a very cold winter and drew heavily on its own stocks.
Besides long-term contracts, Gazprom sold spot volumes to the European market. With the Russian invasion of Ukraine, sanctions and pressure from the European Commission, Gazprom reduced gas to Europe by not selling spot volumes to counterparties via its trading subsidiaries.
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