Russian gas exports via subsea pipeline subdued after April decline

Russian energy giant Gazprom’s average daily natural gas supplies to Europe via the TurkStream undersea pipeline declined by 1.7 per cent in April from a year earlier to 41 million cubic metres, Reuters preliminary calculations showed on Monday. Gas supplies were down 25.5 per cent from the previous month, however, as shortages in the wake of the closure of the Strait of Hormuz, a conduit for a fifth of global oil and liquefied natural gas flows, pushed prices sharply higher. Turkey is now the only transit route for Russian pipeline gas to Europe after Ukraine chose not to extend a five-year deal with Moscow that expired in January 2025.