Russia Lowers Gas Forecast Amid Ukraine War Tensions
Russia's economy ministry has revised its forecast for natural gas production and export down due to economic and political tensions with the West over the Ukraine war. According to a draft government document, natural gas production in Russia this year will amount to 683.1 billion cubic meters, 5.3 bcm below that expected in May.
This is despite Moscow's claims it is ready to restart gas supplies to Europe via pipelines like Nord Stream. Exports of seaborne liquefied natural gas from Russia are seen rising to 35 million tons this year from 30.3 million tons in 2025, but that is still 5.3 million tons lower than previously expected.
Russia's gas exports to Europe tumbled 44% last year to just 18 bcm, the lowest since the mid-1970s following the closure of the Ukrainian transit route.