Spain purchased a record amount of gas from Russia in the first month of the war in the Middle East

In March, Spain purchased a record amount of gas from Russia — over 900 million cubic meters. This was due to the outbreak of war in the Middle East.

This was reported by El País, citing data from the main Spanish gas system operator Enagás.

Gas imports from Russia doubled compared to February (before the war in the Middle East). This happened at a time when gas prices in the world doubled due to the energy crisis: from €30 per megawatt-hour to over €60. Also in March, Spain consumed 2% more gas and spent 46.8% more on electricity production.

Experts in the field of liquefied natural gas claim that the reasons were the war in the Middle East, the de facto closure of the Strait of Hormuz and the favorable price for gas in Russia. As well as EU regulations that gradually prohibit the purchase of gas from Russia. Because of this, buyers were able to increase purchases in advance.

• After the outbreak of war in the Middle East and the blockade of the Strait of Hormuz, through which a significant portion of the worldʼs oil and gas exports are transported, energy prices have risen sharply.
• To stabilize the market, on March 13, the United States lifted sanctions on the purchase of Russian oil that was stuck at sea for 30 days. The exemption was in effect until April 11. The United States also made a similar exemption for Iranian oil. This permit expires on April 19.

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