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Natural Gas Production Could Increase 5% in 2024

RUSSIA
  • Natural gas production in Russia could increase by 5% to 669 bcm in 2024 after falling by 5.5% in 2023 and 11.7% in 2022, the Price Index Center forecast as per Vedomosti. The upward trend is expected to continue "at least until 2030." The long-term stability of Russia's gas sector is based on the "huge domestic market," while growth will also be driven by LNG exports and pipeline exports to China and Central Asia.
  • The EU has proposed new trade restrictions on about two dozen firms, including three based in China, accused of supporting Russia’s war efforts in Ukraine, Bloomberg reported yesterday. The list includes firms in Hong Kong, Serbia, India and Turkey, some of which are also being targeted for the first time, according to a draft of the proposal seen by Bloomberg.
  • The Bank of Russia publishes January current account balance data at 13:00GMT/16:00 local time. Looking ahead, the CBR are expected to keep rates unchanged at 16% when they meet on Feb 16. CPI data for January will cross tomorrow afternoon (Est: +7.30% y/y; Prior: +7.42%).

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