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Russia Gas Production Falls 13%y/y in Jan to Apr

NATURAL GAS

Russia’s gas production fell in January to April to 227.8bcm, a decline of 13% compared with the previous year on the reduction in supplies to Europe according to Bloomberg.

  • The output figure doesn’t include flared volumes and technical gas losses, which are also excluded in historic gas-output calculations by the Energy Ministry.
  • While pipeline gas supplies have fallen significantly LNG supplies from Russia to Europe are still strong. Before the Ukraine conflict, the EU received approximately 40% of gas supplies from Russia.
  • LNG producer Novatek PJSC kept output flat at 26.8bcm in the first four months of the year, according to Bloomberg.
  • The overall drop in Russia’s gas production has resulted in a 44% decline in key tax revenues from the industry in January-April according to Finance Ministry data.
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