Gazprom’s Gas Output Decline Bottoming Out, Industry Data Show

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Gazprom’s Gas Output Decline Bottoming Out, Industry Data Show
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The drop in Gazprom PJSC’s natural gas production showed signs of bottoming out in July, with industry data indicating the smallest annual decline so far this year.

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Gazprom, which has a monopoly on Russian pipeline exports, stopped releasing regular operational figures this year. However, its production is included in industry data for much smaller, independent producers, where Gazprom dominates production totals.

Russia started to significantly reduce gas output last year following the widening rift between Kremlin and the west over the invasion of Ukraine. In May and June of 2022, Gazprom halted pipeline flows to those European nations that refused to pay for the fuel in rubles and started to curb its exports to the region as a whole over its support of Ukraine and sanctions on the Russian economy.

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