Russia Cuts Gas Production Forecasts Amid EU Purchases Downturn

Russia's Economy Ministry has lowered its gas production and export forecasts for 2026 due to declining European purchases. The ministry predicts natural gas production will reach 683.1 billion cubic meters this year, down from previous estimates of 688.4 billion cubic meters.

This decline is attributed to the European Union's plans to end their Russian gas imports by next year, following Russia's invasion of Ukraine and deteriorating economic relations with Western countries.

Russian seaborne liquefied natural gas exports are expected to rise to 35 million tons in 2026, but this is 5.3 million tons lower than previous forecasts.