Azerbaijan’s Gas Supplies to Türkiye Increase by 10%

Gazprom has topped the Forbes list of Russia's most unprofitable companies for 2023. The publication revealed that the company's net loss for the year was 583.1 billion rubles, marking its first accounting loss in 25 years.

Global gas demand could increase by 39% by 2050, reaching 5.7 trillion cubic meters, wrote Russian Deputy Prime Minister Alexander Novak in a column for "Energy Policy" magazine. He noted that the transition to gas as the most economically viable option for decarbonization and the development of gas chemistry could drive demand to this level (+39% from 2023). Currently, gas accounts for about 26% of the global energy balance and 46% in Russia. Novak described gas as the most promising hydrocarbon energy source due to its environmental friendliness, availability, and economic efficiency.

Gas reserves in European underground storage facilities approached 94.4% by early October, though this falls short of the record levels seen in 2019, when storage was filled to 96.9%. According to Gas Infrastructure Europe (GIE), as of October 1, 2024, there were 104.67 bcm of gas in Europe's underground storage. The weather this week in Central and Western Europe is slightly cooler than the previous week. Wind generation's share in EU electricity production rose to 19% on October 1.

The State Oil Company of Azerbaijan (SOCAR) considers the provision of accessible energy as crucial in the context of a fair energy transition,  SOCAR Vice President Afghan Isayev said at a roundtable titled "Fair Transition Partnership and Mobilizing Investments" during the "Baku Climate Action Week." He emphasized the importance of finding a balance between phasing out subsidies and ensuring energy security for the population.