Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the Ekonomika Segodnya publication on the prospects for Russian gas production and export in the 2020s.
Alexander Novak, Deputy Prime Minister of the Russian Federation in charge of the energy sector, said that gas production in our country by the end of 2022 could decrease by 10% compared to the previous year.
“The decline in production is due to problems with exports, which are long-term and will not be quickly resolved. Due to the crisis in relations with the EU, the slowdown in production in Russia will last for a long time,” Belogoryev concludes.
“Novak’s estimate of 10% is a consensus, in 2022 production in Russia will decrease by 75-80 billion cubic meters, and in 2023 this process will continue, and our production will fall by another 10-12 billion cubic meters. Then a smooth recovery will begin with the risks of a further decline after 2025, when a lot of LNG will pour into the EU market, and the demand for Russian gas will decrease,” Belogoryev sums up.
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