Saudi Arabia proposes to Russia cooperation in the gas market

Saudi Arabia proposes to Russia cooperation in the gas market
Saudi Arabia proposes to Russia cooperation in the gas market

Russian Deputy Prime Minister Alexander Novak said on Thursday that Saudi Arabia has suggested that Russia study the possibility of cooperation in the natural gas market, the TASS news agency quoted Russian Deputy Prime Minister Alexander Novak as saying on Thursday.

This comes at a time when natural gas prices are witnessing record highs, and investors are betting that high gas prices will encourage power plants to switch to oil as the winter demand season approaches.

Gas futures rose today, by 2.4%, and reached $5.725.

The demand for liquefied gas is expected to grow by about 53% between 2020 and 2030, according to Wood Mackenzie estimates, to reach 560 million tons per year, while the current production capacity, which is under construction, will not exceed 515 million tons per year by 2030, which requires additional investments for production capacity. about 45 million tons annually.

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