Gazprom said this month it had completed record deliveries toward Europe and Turkey in 2017. REUTERS/Maxim Zmeyev/Files
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Despite repeatedly vowing to reduce its energy dependency on Moscow, Europe is more reliant on Russian gas than ever before – and there are few signs of this trend reversing. Russian gas giant Gazprom said this month it had completed record deliveries toward Europe and Turkey in 2017 at a total of 193.9 billion cubic meters – 8 percent higher than its previous record, set in 2016 .The percentage of Russian gas in Europe has only increased in recent years and now represents a third of the total gas consumption in the EU.According to Valery Nesterov, an oil and gas analyst at Russian bank Sberbank CIB, EU demand for gas is rising due to "economic recovery" in Europe and thanks to gas prices being "more competitive" than those of coal.Strong European demand has allowed Gazprom to increase production after weak results in recent years due to a decline of its market share on its home market and the loss of Ukraine, an important client which stopped buying Russian gas in 2015 .
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