Gazprom’s gas output falls to record low as demand slumps

Gazprom’s gas output fell to a record monthly low of 24.7 billion cubic meters in June, The Moscow Times reports. The June output was 19 percent less than that of June 2014. Gazprom’s production in the first half of 2015 dropped 12.9 percent year-on-year. Gazprom’s revenues are expected to drop 27 percent in 2015, falling to $105.8 billion from $145.9 billion in 2014, according to analysts from Sberbank, a Russian investment bank. Domestic consumption in Russia is falling, and European countries, particularly Ukraine, are  reducing their dependence on Russian gas. Gazprom has a monopoly on selling Russian gas abroad, but it is facing increasing competition inside Russia from companies like Rosneft and Novatek.


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