Russian exports to Europe have increased by 10% year on year and are on track to set a new record.
Russia is expected to have exported around 143 bcm of gas to Europe over the first 10 months of the year, an increase of 10% on an annual basis. Russian supplies are likely to rise further in early Q4, with exports likely to reach around 16.6 bcm in October. The growth already seen will mean exports to Europe could reach record levels in 2016. In contrast, overall Russian production and Gazprom’s output are expected to fall. Gazprom’s production between January and October is expected to drop by around 2% year on year, to roughly 326 bcm. European exports are continuing to account for an increasing share of the company’s sales.
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