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Russian Gas Price for EU to Fall by 15% by 2017

Russian Gas Price for EU  to Fall by 15% by 2017Russian Gas Price for EU  to Fall by 15% by 2017

Russian gas price under long-term contracts with European consumers will fall by 15.6% to $302 per 1,000 cubic meters in 2017 from $349 per 1,000 cubic meters in 2014, the Economic Development Ministry said Friday in an adjusted development forecast.

According to ITAR-TASS, Russia’s share of the world gas production will fall to 19.0% in 2017 from the current 19.2%.

Oil exports in the forecasted period will be limited by high competition on the world markets and lack of potential to increase the country’s oil output, the ministry said.

Oil exports will fall to $495 billion in 2015 from $512 billion in 2014 due to a decrease in oil price to $100 per barrel.

 

Financialtribune.com