Shell CEO Wael Sawan believes that the energy crisis in Europe is finally over. Savan says that this quarter market prices and volatility are returning to the levels seen before the full-scale Russian invasion of Ukraine in February 2022. Gas, crude oil, and electricity prices have decreased and become more stable.
Meanwhile, a seventh EU country has started receiving gas from Azerbaijan instead of Russia. Since August 1, Azerbaijani gas from the Caspian Sea field began to flow to Slovenia.
“Supplies are carried out under the memorandum of understanding signed on July 17 between SOCAR and Geoplin, the largest natural gas market in Slovenia,” a SOCAR statement says.
Before the war, Slovenia received about 40% of its gas from Russian Gazprom. Italy, Greece, Bulgaria, Romania, Hungary, and Serbia have all started purchasing gas from SOCAR. By 2027, the EU plans to purchase 20 billion cubic meters of Azerbaijani gas yearly. The Austrian energy group OMV has also declared its independence from Russian gas.