Baku: In the January-March period of this year, the average price of natural gas in Europe reached 14.41 USD per 1 million BTU, marking a significant increase of 64.7% compared to the same period last year, when it stood at 8.75 USD. This data comes from APA-Economics, which cites the World Bank’s monthly commodity price report.

According to Azeri-Press News Agency, the report highlights that in March, the average gas price in Europe was 13.24 USD, reflecting a 13.7% drop from February’s figure of 15.35 USD. Meanwhile, in the USA, the average price of natural gas in the first quarter was 4.15 USD per 1 million BTU, a substantial rise of 94.8% from the previous year’s first-quarter price of 2.13 USD. In March, the average price in the USA was slightly down at 4.13 USD, a 2.1% decrease from February’s 4.22 USD.

The report also forecasts that in 2024, the average gas price in Europe and the USA will be 10.96 USD and 2.19 USD, respectively, indicating decreases of 16.4% and 13.8%. It is noteworthy that since December 31, 2020, Azerbaijan has been transporting its gas to Europe through the Trans Adriatic Pipeline (TAP).