Russia expects annual pipeline gas exports to plunge 40% in next three years, China may become second largest buyers next year – report
STOCKS
Russia expects annual pipeline gas exports to plunge 40% in next three years, China may become second largest buyers next year – report
STOCKS

Russia expects annual pipeline gas exports to plunge 40% in next three years, China may become second largest buyers next year – report

 

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Russia expects that its annual pipeline gas exports will plunge by nearly 40% to 125.2 billion cubic meters in the period of 2023 – 2025, according to the country’s three-year draft plan, reported by Bloomberg News.

The country’s pipeline gas exports is estimated at 142 billion cubic meters this year, the draft showed.

Russia’s gas giant Gazprom has been reducing natural gas exports to Europe since Western countries imposed sanctions, and the draft shows that Turkey is expected to become Gazprom’s biggest export market in Europe, while China will likely become the second largest buyer of Russia’ pipeline gas next year.

In addition, Russia expects that its crude oil exports in the next three years will increase slightly to 250 million tonnes, and despite the suspension of bulk crude purchases by European countries, its crude oil shipments are expected to decline slightly to 113 million tonnes next year from estimated 130 million tonnes this year, shows the draft.