Commodities
Russia Slashes Natural Gas Output Forecasts Amid EU Energy Crisis
Russia's economy ministry has revised its natural gas production and export forecasts for 2024 and beyond, citing the country's ongoing economic and political ties with the West over the Ukraine war.
The draft government document seen by Reuters reveals that Russia expects to produce and export less natural gas this year than previously forecast. The revised forecasts will be used to update the federal budget through 2029.
Natural gas production in Russia is now expected to amount to 683.1 billion cubic meters, down 5.3 bcm from May's projection but still above last year's 662.7 bcm.