Russian production is declining as the country’s exports to Europe continue to rise and become more important.
Russian production is expected to fall by around 2% year on year in Q1, to 167 bcm. Output fell by 2% in January on an annual basis but rose by 2% in February. However, production is expected to drop by 6% in March, which will see supply fall to 52 bcm. Gazprom’s production is also expected to fall by around 3% on an annual basis in Q1. The company is continuing to struggle for domestic market share. Gazprom is likely to produce around 113 bcm of gas in Q1, with production reaching just over 35 bcm in February and remaining roughly flat in March.
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