Russia Cuts Gas Output and Export Forecasts Amid European Shift

Russia has revised down its natural gas production and export forecasts for this year due to the ongoing Ukraine war and Europe's plans to stop all purchases of Russian gas from next year.

The economy ministry expects Russia to produce and export less natural gas in 2026 than previously forecast, with a projected output of 683.1 billion cubic meters, 5.3 billion cubic meters lower than the May projection.

Russian gas exports to Europe tumbled 44% last year to just 18 billion cubic meters, the lowest since the mid-1970s following the closure of the Ukrainian transit route.