Gazprom’s revenues from natural gas exports in the first four months of the year have more than halved, with the company facing a decline in both prices and volumes, Kallanish Energy reports.
According to the latest Russian customs data, the export revenues in the Jan-April period plunged 52.3% year-on-year to $8.3 billion. Physical exports were 24% lower at 59.6 billion cubic meters (Bcm).
In April, the company exported a total of 12.1 Bcm of natural gas, which is 15% lower than March. Revenues for April declined 25.3% to $1.319 billion compared with $1.766 billion a month earlier.
The average gas export price for the month was 13% cheaper month-on-month at $109 per thousand cubic meters.
Gazprom, one of the largest gas producers in the world, has faced intense competition from U.S. liquefied natural gas (LNG) in Europe, Turkey and even China – where it has recently launched pipeline supply.
Low spot LNG and gas prices, a supply glut, weak demand, and limited storage are set to affect gas producers globally.
This post appeared first on Kallanish Energy News.