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Russia cuts gas export estimates and hits 17-year low in oil output
The Russian Ministry of Economy has lowered its forecast for natural gas production and exports this year, expecting production to reach 683.1 billion cubic meters, a decrease of 5.3 billion cubic meters from its previous May forecast. However, this figure still exceeds the projected production for 2025, which is 662.7 billion cubic meters. This decline comes as Europe prepares to end its purchases of Russian gas by 2026, while Russian pipelines such as Nord Stream continue to resume supplies despite obstacles. Russian natural gas exports to Europe decreased by 44% last year, reaching their lowest level since the mid-1970s, due to the closure of the Ukrainian transit route and tensions with the West. Russian liquefied natural gas exports are expected to rise to 35 million tons this year, but will still be below previous forecasts. The pace of growth is expected to continue in the coming years at a slower rate.
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