Russia to cut gas production by 18-20% in 2022

Deputy Prime Minister Alexander Novak said that Russia would slash gas production by 18-20% to 671 billion cubic meters by the end of the year. It would supply 470 billion cubic meters to the domestic market. 

According to Alexander Novak, Russia's gas production may post a fall of about 18-20%. However, he noted that Russia would produce 671 billion cubic meters of gas. Gas supplies to the domestic market would increase to about 470 billion cubic meters. 

Gazprom officials said that their gas production dropped by 19.6% to 394.1 billion cubic meters from January to December. Gas exports to non-CIS countries flopped by 45.1%, while gas demand on the domestic market contracted by 5.2%. At the same time, Gazprom gas exports to China continue growing.

European Union countries agreed a gas price ceiling on December 19. It would be triggered  if prices are above 180 euros per megawatt hour starting from February 15, 2023.