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Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share.Gas in the U.K., the region's biggest market, fell 37 percent in the past year and the plunge couldn't have come at a worse time for Cheniere Energy Inc., which just started exports of U.S. LNG and has so far sent one tanker to Europe.Russian gas is competitive and Gazprom's market share is rising naturally amid declining European production, Sergei Kupriyanov, a Gazprom spokesman, said by email.As a global oil surplus accumulated in 2014, Saudi Arabia chose to keep pumping and defend its market share.Norway, Europe's second-biggest supplier, is playing catch-up.While Russia has said sales to Europe would probably reach a record this year, Norway expects a level similar to last year's record.
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