Gazprom's First-Quarter Exports Grow

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Russia's Gazprom said it exported 52.7 Bcm of pipeline gas to Europe and China in the first quarter of 2021, up a hefty 30.7% from the same period of last year. Gazprom did not say how much it supplied to Europe, its key overseas market, but Energy Intelligence calculates that it should be around 50.5 Bcm, up from slightly below 40 Bcm a year ago (LNGI Apr.1'21). Exports to Europe have returned to pre-crisis levels, mainly due to a cold winter and less competition from LNG, which was mostly redirected to higher-priced Asian markets at the beginning of 2021. They amounted to 48.8 Bcm in the first quarter of 2019 and 54.4 Bcm in the record year of 2018 when the winter was equally cold. In 2020, Gazprom’s first-quarter exports to Europe were hit by mild winter, ample gas stocks, higher competition from LNG and the start of Covid-19 lockdowns. Gazprom's strong exports pushed Russia’s natural gas production up by 12.2% to 66.66 Bcm in March, according to preliminary data from the energy ministry. Russian Gas Production (MMcm) Mar '21 Feb '21 YTD '21 Mar '20 Gazprom 46,300.0 42,900.0 136,200.0 38,300.0 Novatek 6,393.7 5,754.9 19,233.4 5,913.5 Rosneft 3,418.4 3,056.8 9,843.7 3,806.3 Lukoil 1,732.7 1,546.4 5,035.0 1,865.1 Gazprom Neft 1,981.0 1,802.0 5,671.3 1,967.7 Other Producers 4,731.8 4,472.6 14,273.5 4,937.3 PSA Operators 2,100.5 2,509.9 7,452.8 2,616.0 Russia Total 66,658.0 62,042.5 197,709.8 59,405.8 Volumes are cumulative totals for YTD and month. Source: Russian Energy Ministry, Gazprom, Energy Intelligence.

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