Russia Lowers Gas Production and Export Forecasts Amid EU Boycott
Russia has lowered its forecasts for natural gas production and exports for 2026, according to a draft government document. The new estimates show that Russia's natural gas production is expected to reach 683.1 billion cubic meters this year, down from the previous forecast of 688.4 billion cubic meters.
This decrease in production is attributed to deteriorating economic relations with Western nations due to the war in Ukraine and the European Union's plans to halt Russian gas purchases. As a result, Russia's seaborne liquefied natural gas (LNG) exports are expected to rise to 35 million tonnes this year, but this is approximately 5.3 million tonnes lower than previous forecasts.
The new forecasts will be used to update the Russian federal budget through 2029. This move comes as the European Union prepares to end purchases of Russian gas starting next year, which has significantly impacted Russia's energy exports.