Gazprom says soaring spot gas prices could hit Europe's economy

Gas prices have surged by more than 800% this year.

Europe's soaring gas prices could destabilise the region's economy but co-operation between producers and consumers could help balance the market, the head of Russian gas producer Gazprom's export arm has said. 

Prices have surged by more than 800% this year, sparking concerns about inflation and energy poverty this winter. Russia said on Wednesday it was increasing supplies, providing some relief to markets.