Gazprom cuts gas production forecast
Russia’s gas giant Gazprom has cut its gas output forecast for 2015 to 570-580 billion cubic meters per year due to worsening market conditions, the company said on Tuesday.
Gazprom, the world’s biggest gas producer, sees its output reaching pre-crisis levels by 2015, two years later than it had planned.
- As it was noted at a board of directors meeting, the development of internal and international gas markets helps forecast gas production of the Gazprom group at up to 570-580 billion cubic meters (bcm) by 2015, Gazprom said in a statement, according to Russian Business Consulting.
Last year, when the weak global economy lowered gas demand and new unconventional gas supplies in the United States boosted supply, Gazprom saw its production sink to record lows of 461.4 bcm, off 16 percent from the 550 bcm it produced in 2008.
In the pre-crisis year of 2008, when the company produced about 550 billion cubic meters of gas, Gazprom CEO Alexei Miller said that output could grow to 570 billion cubic meters in 2010 and reach 610-615 billion cubic meters in 2015.
