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Russian Gas Production Could Fall 5% in 2023

NATURAL GAS

Russia’s gas production could fall 5% on the year to 642 bcm in 2023, according to a forecast by Russia’s Economic Development Ministry.

  • Pipeline gas exports are set to fall this year by 23% to 97 bcm but will recover over the coming years.
  • Russia will produce 666.7 bcm of gas in 2024, up 4% from 2023, and exports will be 108 bcm compared with 131.2 bcm in 2022, according to the Forecast.
  • LNG exports in 2024 could grow from 33.3m mt in 2023 to 38m mt, rising further to 40m mt in 2025 and to 44m mt in 2026, according to the Ministry.

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