Russia is on course to export record levels of gas to Europe this year; in contrast the country’s total output and Gazprom’s production will fall.
Europe is expected to import around 17.4 bcm of Russian gas in November, an increase of roughly 28% year on year. This is higher than the growth seen in October, when Russian exports to Europe increased by 16% year on year to reach 16.9 bcm. Below average temperatures forecast across much of northwest Europe for late November and December are expected to support increases in gas imports over the coming weeks.
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