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Natural gas production by the Russian company Gazprom is expected to increase by 61 billion cubic metres in 2024, reaching approximately 416 billion cubic metres. This was announced by the company’s CEO Alexey Miller, Reuters reports.
These forecasts come after Gazprom’s gas production fell by 13% in 2023 to a record low of 359 billion cubic metres, the lowest since 2022, when it was 412.94 billion cubic metres. The main reason for the decline was a reduction in gas exports to Europe.
Miller also noted that gas exports to China will increase to 31 billion cubic metres in 2024, up from the initially planned 30 billion cubic metres.
Gazprom is in talks with China to significantly increase gas supplies, in particular through the Power of Siberia 2 pipeline. However, these negotiations have not yet been concluded due to disagreements between the parties, in particular over pricing.
With exports to Europe declining, the company is focusing on the domestic market and supplies to neighbouring countries, including Kazakhstan, Uzbekistan and Kyrgyzstan. As a result, gas supplies to domestic consumers could reach a record 390 billion cubic metres in 2024.
“Gazprom is the world’s largest natural gas producer and one of the main suppliers to the Russian budget.
