European gas price crisis: Is Gazprom responsible?

Abstract

Many commentators have blamed Gazprom, Europe’s largest gas supplier, for contributing to the 2021–2 European natural gas price crisis through market manipulation and withholding the necessary gas supply volumes from the European market. Is there any substance to such claims? Is Gazprom really involved in manipulating the European gas market and prompting the record-breaking surge in European natural gas prices? The current article analyses the official figures on Gazprom’s production capabilities, and supply and demand, and offers some insights as to why exactly claims of market manipulation by Gazprom should be taken seriously. It argues that Gazprom did indeed have the ability to ease the pressure on the European gas market in 2021, but did not use it as one would expect of a company acting in good faith. Figures shown in the article lay out a detailed case that the EU authorities should open an investigation into Gazprom’s market manipulation.