Russian gas sales in EU have fallen to level of Cold War
2022.12.28 11:34
Russian gas sales in EU have fallen to level of Cold War
Budrigannews.com – In 2022, Russian gas exports via pipelines to Europe fell to a post-Soviet low as its largest customer reduced imports due to the conflict in Ukraine and a significant pipeline was damaged by a series of enigmatic explosions, according to Gazprom (MCX:). Reuters calculations and data demonstrated.
The European Union, which has traditionally been Russia’s largest oil and gas consumer, has long talked about reducing its reliance on Russian energy. However, after the Kremlin sent troops into Ukraine in February, Brussels got serious.
According to state-controlled Gazprom, the company’s exports outside of the former Soviet Union will reach 100.9 billion cubic meters (bcm) this year, citing Chief Executive Officer Alexei Miller, a longtime ally of President Vladimir Putin.
This includes supplies to China via the Power of Siberia pipeline, through which Gazprom supplied 10.39 bcm last year, and represents a decrease of more than 45 percent from 185.1 bcm in 2021.
Following explosions at the Nord Stream pipelines in the Baltic Sea in September, Russian direct gas exports to Germany, Europe’s largest economy, were halted.
Sweden and Denmark have both concluded that explosions were the cause of four leaks on Nord Stream 1 and 2, but neither nation has specified who might have been responsible. Jens Stoltenberg, Secretary General of NATO, has referred to the damage as sabotage.
London denied Russia’s claim that British navy personnel were responsible for the attacks.
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Last year, Russian gas exports through the Nord Stream 1 pipeline reached a record high of 59.2 bcm.
One of the lowest levels of Russian gas pipeline supplies since the fall of the Soviet Union in 1991 is 100.9 bcm, which Gazprom defines as exports to “far abroad,” or outside the former Soviet Union.
One of Gazprom’s past post-Soviet lows of gas deals to “far abroad” was at 117.4 bcm in 1995, as per Gazprom Commodity.
Meanwhile, Russia has been increasing sales of sea-borne liquefied (LNG) thanks primarily to the Yamal LNG plant in the Arctic run by Novatek.
As per the Rosstat government body, Russia’s LNG creation rose by practically 10% in January – November to 29.7 million tons.
Furthermore, Russia has figured out how to counterbalance lower gas imports to Europe by higher energy costs at its financial plan incomes from oil and gas hopped by over a third in the initial 10 months of the year.
Also, Gazprom said that its gas output in 2022 is expected to be 412.6 bcm, down from 514.8 bcm in 2021, when it hit a 13-year high.
