22187
Gazprom Gas Output at All-Time Low
Energy

Gazprom Gas Output at All-Time Low

Russia's Economy Ministry said on Tuesday it expected gas production at Gazprom to decline to 414 billion cubic meters this year, an all-time low, due to sluggish demand and a decline in upstream investments.
Gazprom, Russia's and the world's biggest natural gas producer, said in its latest forecast in May that it expected its natural gas production to recover this year to 450 bcm after it declined last year to just above 444 bcm, Reuters reported.
The ministry figures were published after it announced Russia's gross domestic product shrank by 4.2% in June from a year earlier, when the country's growth prospects deteriorated sharply due to western sanctions over the Ukraine conflict and a drop in the price of oil. Gazprom, which normally accounts for around 8% of Russian GDP, earlier this year stopped publishing its gas output on a monthly basis via monitoring agency CDU TEK at the energy ministry.
The ministry said Gazprom's gas exports to the EU and Turkey declined by 6.2% to 66.8 bcm in the first half of the year due to lower gas consumption in Europe and increasing gas usage from storage facilities in winter.
It sees total Russian gas exports at 164.6 bcm in 2015, down 5.5% from the last year. It also said Russia's average export price for gas stood at $249.7 per 1,000 cubic meters in January-May, down from $335.7 in the year-earlier period.

 

Short URL : http://goo.gl/mK4vJ5

You can also read ...

Iraq Raising Crude Exports to Make Up for Kirkuk Shortfall
Iraq said it was increasing oil exports on Saturday from the...
Shipping delays and quality concerns are jeopardizing Venezuela’s crude sales.
Venezuela's state-run petroleum firm PDVSA has been barred...
The possibility that OPEC will extend the cuts points to a more optimistic view of the industry.
Schlumberger reported on Friday a higher net profit for the...
Iran's Heavy Crude Price Ticks Up
Iran's crude oil price movements were limited in the week to...
Iran is pushing ahead with plans to build several LNG production and export facilities.
Despite years of speculations and no action, Iran continues to...
NIGC Assures Stable Energy Supply in Winter
In line with efforts to ensure energy supply during the cold...
Saudi Arabia's Falih Calls for Crude Supply Cooperation
Saudi Oil Minister Khalid al-Falih made a high profile visit...

Trending

Googleplus