The announcement by Russian President Vladimir Putin that Moscow is willing to work on stabilizing the global energy market caused a sharp drop in natural gas prices, which had previously risen to their highest level on record. The Russian president appeared to be flexing his geopolitical muscles by suggesting that he could help Europe deal with a developing problem brought on by a natural gas shortage, a critical energy source for producing electricity and heating houses. High European prices have spread to the United States, with natural gas trading at its highest level in almost a decade.
Mr. Putin said on Wednesday that Moscow was a dependable provider who always followed through on its promises. "This year, we can set a new record for energy resource delivery to Europe, especially gas," he said. Russian gas exports to Europe have been the topic of heated dispute among energy merchants and policymakers in recent months, and they will play a significant role in determining whether prices remain economically punishing. Following President Putin's announcement that Russian gas supply to Europe will establish a new record this year, prices plummeted.
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