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Natural Gas Production Down 12% on Lower European Exports

RUSSIA
  • Russia’s natural gas production dropped to 672.6 billion cubic meters last year to its lowest level since at least 2016 and down 12% from 2021 on lower exports to Europe, Kommersant reports.
  • Meanwhile, China is importing a wider variety of Russian crudes, including the lesser-known Arco grade, as the nation doubles down on purchases. Bloomberg report that buyers are snapping up Arco varieties of from the Arctic, with shipments set to arrive this month or in February. Beijing’s relations with Moscow have seen it boost imports of Russian oil since the outbreak of the Ukraine war, replacing European and US buyers. Note the energy ministry said this morning that it has been working on additional measures to limit discounts to international benchmarks on Russian oil prices.
  • Steel plants in annexed regions will help increase Russian steel production by about 3-5 million tons per year in the next eight years, Vedomosti reports. This follows from the strategy for the development of metallurgy approved by the government at the end of 2022.
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