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Project Insights

Gazprom exports to Europe down by 4.7%

Low European spot prices and an increase in LNG imports have cut Gazprom’s exports to Europe, although Central European countries have boosted their offtake of Russian gas Low European spot prices and an increase in LNG imports have cut Gazprom’s exports to Europe, although Central European countries have boosted their offtake of Russian gas.
By Anna Gumbau 22 August 2019 Europe & Russia / Supply & Demand 0 34513
Gazprom exports to Europe

Gazprom’s exports to Europe in the first eight months of 2019 amounted to 119.1 billion cubic metres, a 4.7% decline compared with the same period last year.

According to the company’s interim activity report, the fall is the result of weather conditions in Europe that “were not favourable for gas consumption”. Moreover, Gazprom’s average prices – projected at $6.3-6.8/MMBtu – were higher than European spot prices during Q1 2019.

Low LNG spot prices have also affected Gazprom’s exports – especially...