Gazprom admitted in its Q2 report that the company’s gas production will continue to fall in 2016, to 417.20 billion cubic metres from 418.48 bcm last year.
It marks the first time Gazprom has officially acknowledged the decline.
At the beginning of the year, Gazprom said the 2016 production target was 452.45 bcm.
The revised figure is based on production data for the first half of 2016, when output amounted to 196.55 bcm.
Gazprom’s output declined by 9.77 bcm in January-July 2016 from a year earlier.
If the decline continues...