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Over sanctions, Gazprom's production in 2022 to fall to a 5-year low

Gazprom's production will fall to a 5-year low. Pictured is the Lakhta Center, headquarters of Gazprom: pixabay.com

Gazprom's production will fall to a 5-year low. Pictured is the Lakhta Center, headquarters of Gazprom: pixabay.com

Gazprom expects about a 4% fall in gas output in 2022, from 514.8 billion cubic meters in 2021 to 495 billion cubic meters, which will be the lowest result since 2017.

This was reported by the monopoly’s Deputy Chief Executive Vitaly Markelov to an inhouse magazine on Thursday. This is an another sign of the impact of sanctions on Russia, Reuters reports.

This would be Gazprom's lowest production since 2017 when it stood at 471 bcm.

Russia is struggling to weather Western sanctions imposed following the start of a new round of war against Ukraine.

Russia's Economy Ministry expects gas output to fall this year to 702.4 — 720.9 bcm from 763.5 bcm in 2021.

Recall that Gazprom suspended gas supplies to Poland and Bulgaria on Wednesday, April 27, over a dispute about the form of payments with European countries that are trying to waive Russian energy.

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