Investing

Russia Pumps More Gas to Meet Higher Export and Local Demand

(Bloomberg)

(Bloomberg) -- Russia raised gas production by 8.2% in the first half of the year, as exports to Europe and China increased and demand strengthened at home. 

The nation produced 345.8 billion cubic meters of gas in the six months through June, according to Bloomberg calculations based on industrial output data from the Federal Statistics Service. That includes both natural gas and associated gas output. 

Gazprom PJSC, which accounts for more than half of the nation’s gas output, boosted pipeline supplies to major foreign markets. 

Gas flows to China via the Power of Siberia link reached 15.2 billion cubic meters in the first half, up by over 39% from a year earlier, according to calculations based on the Asian nation’s customs data and price estimates from the Russian economy ministry. 

Pipeline flows to remaining European clients — including Austria, Hungary and Slovakia — spiked by more than a quarter to 14.6 billion cubic meters, Bloomberg calculations show. Still, Russia’s supplies to the region remain well below 2022 levels. 

READ: Europe Still Vies With China as Top Market for Russia’s Pipe Gas

Russia also raised shipments of liquefied natural gas to foreign markets in the first half of the year. LNG exports climbed by 4% to 21 billion cubic meters, according to ship-tracking data compiled by Bloomberg. 

Natural gas consumption at home increased as Russia expanded its domestic network to give more households and facilities access to the fuel. Daily gas flows to Russian consumers hit record levels for June on a number of occasions. 

©2024 Bloomberg L.P.

Top Videos