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Russia’s Natural Gas Production Falls For Three Consecutive Months  

Russia’s natural gas production plunged by 18 percent in June compared to May, new data from the Joint Organisations Data Initiative (JODI) showed on Wednesday, cited by the International Energy Forum.

Russia’s natural gas output in June was 30 percent below the March level, just after the Russian invasion of Ukraine, according to the data from JODI, which compiles self-reported data from countries.

At the same time, Russian crude oil production was just 247,000 barrels per day (bpd)—or 2 percent—lower compared to before the war in Ukraine, according to JODI data. 

Russian gas exports have also been falling throughout this year.

On Tuesday, Gazprom said that its natural gas exports slumped by 36.2 percent to 78.5 billion cubic meters between January and the middle of August, as deliveries to Europe plummeted.

Natural gas production also fell, slipping 13.2 percent to 274.8 billion cubic meters between January 1 and August 15 compared to the same period of 2021, according to a Gazprom statement.

Since the Russian invasion of Ukraine, Gazprom has slashed supply to European Union member states, including by cutting off deliveries to Poland, Bulgaria, and Finland. Two months ago, Russia drastically cut gas supply via the key Nord Stream pipeline to Germany to 40 percent of capacity. Following a 10-day regular maintenance period, Gazprom further slashed Nord Stream flows to 20 percent of the pipeline’s capacity at the end of July. 

Related: WTI Crude Falls To Lowest Level Since January

Meanwhile, amid soaring prices, gas consumption in the EU and the UK combined fell to a five-year seasonal low in June, the JODI data showed. Imports of liquefied natural gas (LNG) surged by almost 50 percent in June compared to the same month of 2021, as Europe scrambles to procure alternatives to Russian pipeline supply.

The EU, for its part, has reduced its dependence on Russian gas deliveries by 50 percent, but savings will be necessary to make up for the difference with alternative supplies. This is what the High Representative of the EU for Foreign Affairs and Security Policy, Josep Borrell, said earlier this month in a blog post.

According to data from Gas Infrastructure Europe, as of August 16, EU gas storage was 75 percent full, with Germany’s storage filled at 77 percent.

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By Tsvetana Paraskova for Oilprice.com

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