Exports of Russian pipeline gas to Europe may drop another 40% or stop altogether.
Russia in 2023 may reduce gas production by about 8% compared to last year. This is stated in the quarterly report of the International Energy Agency (IEA) on the gas market, published on Tuesday, February 28.
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“Russia’s pipeline gas exports to OECD countries in Europe in 2022 decreased by about 50% (83 billion cubic meters) compared to the previous year, to the lowest level since the mid-1980s. While supplies to Turkey decreased by 18% year-on-year, gas supplies to the EU more than halved, resulting in a decrease of 78 bcm from 2021,” the report said.
In 2023, if deliveries to the EU remain at current levels, Russian pipeline gas exports to Europe will decrease by another 40% (by 30 billion cubic meters) compared to 2022, predicts IEA. The agency also acknowledged a scenario in which Russian gas supplies to Europe could be completely stopped, which would put additional pressure on markets.
Gas production in Russia this year, according to IEA estimates, may drop by about 8% to 620 billion cubic meters. m from 672 billion cubic meters. m in 2022.
It is indicated that European countries in 2022 succeeded in partially reducing the sharp decrease in supplies from Russia by importing pipelines from alternative sources and recording purchases of liquefied natural gas (LNG). Thus, pipeline supplies from Norway increased by 3% (by 4 billion cubic meters), gas supplies from Azerbaijan – by 40% (by 3 billion cubic meters). At the same time, gas supplies from North Africa decreased by 10% (by 4 billion cubic meters). Europe’s LNG imports increased by 60% to around 170 billion cubic meters. m, which is the highest level in the history of observations.
In 2023, European countries may increase their LNG imports, but growth will be limited to only 3% due to expected strong demand growth in China.
It was previously reported that by 2022, Gazprom’s exports to non-CIS countries will drop by half – to 100.9 billion cubic meters of gas. This is an anti-record in the entire history of the company: even in 1990, 110 billion cubic meters were exported.
It was also found that over the year Russia reduced gas production by 12%. The decline in production and exports is due to the refusal of European countries to buy Russian gas, as well as explosions in the Nord Stream 1 and Nord Stream 2 gas pipelines.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.