Europe & Russia: Trade
Russian exports to Europe are expected to rise on an annual basis in June, continuing the year-on-year growth seen in recent months.
Russia is expected to export around 13.4 bcm of gas to Europe in June 2016, around 5% more than was exported to the region in June 2015. The significant annual increases in flows seen at the start of the year were caused in part by the low volumes exported in Q1 2015. Consequently, although the annual increases in June exports will lower than those seen earlier in the year, the volumes are still strong – and are higher than exports seen in June 2014 or 2015. Russian exports to Europe were up by 4% year on year in May, reaching just over 14 bcm. Volumes are expected to be strong over the summer months as Russian gas will be needed to refill European storage facilities. Gazprom is also expected to continue to work for its share of the European market, on which it is dependent.