Russian Gas Could Cost Europe $500 By End Year – Miller

BAKU. July 3 (Interfax) – Gazprom (RTS: GAZP) forecasts that Russian gas will cost Europe $500 per thousand cubic meters by the end of this year, Alexei Miller, the Russian gas monopoly’s chief executive, told reporters in Baku.

“We at Gazprom have made a forecast until the end of this year and, according to the estimates, the price of gas supplied to Europe will be approximately $500 per thousand cubic meters by the end of the year,” Miller said.

Miller said he was still forecasting that oil could hit $250 a barrel before long.

“If that happens, the European price for gas would be $1,000 per thousand cubic meters,” he said.

“That price [$1,000] would not be anything supernatural for the market,” Miller said. “The price of gas in the European futures market is already approaching $1,000,” he said.

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