MOSCOW, Nov. 18 (UPI) -- Unprecedented declines in European gas demand will disappear as the global economy recovers from the recession, Gazprom executives said.
Alexander Medvedev, deputy chief at the Russian gas monopoly, told delegates at a Russian gas conference that declines in European demand were temporary, London's Daily Telegraph reports.
"We can expect a temporary surplus of gas to disappear as early as in 2011," he said.
His comments follow statements by the International Energy Agency predicting alternative energy resources and the abundance of U.S. shale gas means gas supply will be greater than demand until 2015.
Gazprom executives, for their part, said that while European gas demand dropped by as much as 7 percent recently, 2010 demand could increase by 13 percent as recessionary strains ease.
A January gas row between Kiev and Moscow prompted Gazprom to cut gas supplies to Europe briefly. That caused a push to seek alternative options to meet European gas demands.
Europe sees diversification in its Nabucco pipeline, which could rely on Central Asian and Middle Eastern gas. Russian, meanwhile, is moving forward with its Nord Stream and South Stream options, which avoid crossing Ukraine.
Russian Prime Minister Vladimir Putin is expected to hold talks with Ukrainian officials soon to settle lingering gas issues.
