Published by Global Banking & Finance Review®
Posted on December 26, 2024
1 min readLast updated: January 27, 2026
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Gazprom's gas output is set to rise to 416 bcm in 2024, recovering from 2023 lows, with increased exports to China and a focus on the domestic market.
MOSCOW (Reuters) - Alexei Miller, the head of Russia's Gazprom, said on Thursday the group's natural gas production is set to rise this year by 61 billion cubic metres (bcm) to around 416 bcm.
The increase is from an all-time low production in loss-making 2023, when output plummeted by 13% amid a fall in gas exports to Europe, once Gazprom's primary source of revenue, as relations with the West worsened over the conflict in Ukraine.
Gas exports to China are set to rise to 31 bcm this year, Miller said, up from the planned 30 bcm.
The company has been in talks with China over a significant increase in gas sales, including via the Power of Siberia 2 pipeline. However, negotiations have not borne fruit due to a number of issues, mainly prices.
Gazprom has instead turned to the low-cost domestic market, as well as neighbouring ex-Soviet countries, such as Kazakhstan, Uzbekistan and Kyrgyzstan.
The company said on Thursday that gas supplies to domestic consumers have reached a record high of 390 bcm in 2024.
(Reporting by Vladimir Soldatkin and Oksana Kobzeva, Editing by Louise Heavens)
The main topic is Gazprom's increase in natural gas production to 416 bcm in 2024 and its export strategy.
Gazprom plans to increase its gas exports to China to 31 bcm in 2024.
Gazprom faces challenges in China mainly due to pricing issues in their negotiations.
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