Gazprom Head: Events in the Middle East Will Have Long-Term Consequences for the Energy Sector

(Patria) - Recent events at energy facilities in the Middle East will lead to long-term and major consequences, said Gazprom President Alexey Miller to TASS.

"Recent extraordinary events at energy facilities in the Middle East are leading to consequences of incredible scale and long-term impact," he said.

Miller noted that now is the time of "bulls" (investors or traders who believe that stock prices, sectors, or the entire market will rise - TASS).

"Figuratively speaking, the situation on international energy markets and its future dynamics can be described as follows: only bears are resting, and only bulls are working hard."

At the start of trading on ICE in London on Thursday, the price of gas exceeded $850 per 1,000 cubic meters for the first time since December 2022. This happened in the context of attacks on gas infrastructure in Middle Eastern countries. The price jump from the beginning of the day exceeded thirty percent. The price of gas in Europe jumped by almost $200 compared to the end of the previous trading session.

On the market situation

Following missile attacks, Qatar Energy, Qatar's state-owned oil and gas company, reported significant damage to its facility in Ras Laffan, where the liquefied natural gas (LNG) plant is located.

Operations at the largest natural gas processing complex in Abu Dhabi, Habshan, were temporarily halted after Iran's missile attack, according to Emirati authorities.

On Wednesday, the governor of Assalluyeh district in Iran's Bushehr province reported that a fire broke out in several facilities at the South Pars field as a result of Israeli and American attacks.

In response, the Islamic Revolutionary Guard Corps (IRGC) announced its intention to attack oil and gas facilities in Saudi Arabia, the UAE, and Qatar in the near future.