Russian exports to Europe are expected to fall on an annual basis in July.
Russia exported around 13.3 bcm of gas to Europe in June and around 85 bcm during H1 2016, an increase of 14% year on year. However, an annual decline of approximately 6% is anticipated in July, equating to roughly 13.4 bcm, but this will still represent strong flows from Europe’s largest gas supplier. The year-on-year reduction of Russian flows into Europe overall is less stark than the fall of exports going to Italy, where Russian imports declined by 19% year on year during the first half of July (see Italy – the outlook for imports, 21 July 2016).
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