The expert predicted the dynamics of gas production in Russia

Expert Skryabin: Russia is unlikely to increase gas production in the near future due to the decline in exports to the EU

Expert Skryabin: Russia is unlikely to increase gas production in the near future due to the decline in exports to the EU

PRIME. Russian gas production is unlikely to grow in the near future, as the figure is declining due to a decline in export destinations to Europe, Dmitry Skryabin, portfolio manager at Alfa Capital, said in a comment to RIA Novosti. 

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The Vedomosti newspaper, citing sources familiar with the statistics of the Ministry of Energy, reported on Tuesday that in January of this year, natural gas production in Russia decreased by 10.7% in annual terms, to 62.7 billion cubic meters. At the same time, the bulk of the decline (at a level of about -18.4%) fell on Gazprom. Thus, in the first month of the year, the company produced 40.7 billion cubic meters compared to 49.9 billion cubic meters in the same period last year, the newspaper noted.

Since the beginning of the year, the company has ceased to publish relevant statistics on production. According to Rosstat, gas production in the Russian Federation in January decreased in annual terms by 13.5%, to 52.2 billion cubic meters. And for the whole of 2022, Russia reduced natural gas production by 13.4%, to 573 billion cubic meters.

“Production is falling due to the loss of the export direction to Europe. I do not think that any improvements in this direction can be expected in the near future,” Skryabin said.

Gazprom, which in recent years has been a key supplier of gas to Europe, exported to non-CIS countries, as the head of the company Alexei Miller reported, in 2022 almost half as much as a year earlier – 100.9 billion cubic meters of gas (-45.5% , 185.1 billion cubic meters in 2021). Gazprom Export noted that this was the minimum volume since the early 1990s.

Pipeline exports to Europe declined amid Europe’s refusal to import Russian gas, as well as problems with the export infrastructure in the main directions. Deliveries to Europe in 2022 ceased both along the main (Nord Stream) and balancing (Yamal-Europe) route and almost tripled through the Ukrainian gas transmission system.

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