Gazprom on Defensive Over Price

摘要

The 70% crash in oil prices since mid-2014 is good news for European buyers of Russian gas, given Gazprom's determination to retain oil-indexed pricing in long-term contracts. Russian prices are now close to European hub prices of just over $4 per million Btu, versus roughly $11/MMBtu at the start of 2014, when hub prices averaged $9/MMBtu. But the Russian gas giant still faces demands for price revisions from customers who say they were paying too much before the oil price rout.