Russian natural gas exports to Europe will fall roughly 66% this year, according to a Bloomberg report, citing the Kremlin’s Deputy Prime Minister Alexander Novak, speaking on Sept. 15. The announcement comes even as Russian gas major PJSC Gazprom increases output.
Russian gas exports to Europe will fall by 50 billion cubic meters (bcm), according to Novak. Exports to the continent in 2021 were 150 bcm.
Russian gas accounted for some 40% of Europe’s supply before Russia’s invasion of Ukraine. But according to the report, that share has now fallen to just 9%.