Gazprom may lose a third of gas exports to Europe in 2022 - Reuters

Russia's Gazprom could lose about a third of its gas exports to Europe in 2022 due to the war in Ukraine, increased LNG supplies to Europe and Putin's plans to switch to ruble gas payments. This was reported by Reuters, citing analysts.

"Russia accounts for about 40% of gas supplies to Europe, but the West has been increasingly trying to cut off Russian energy flows since Russia launched a so-called 'special military operation' in Ukraine on February 24," Reuters reported.

Serhiy Kapitonov from the Energy Center of the Skolkovo Moscow School of Management said that Gazprom's supplies to Europe could be reduced by 40-45 bcm this year from about 150 bcm in 2021.

Cindre Knutsson, head of gas market research at Rystad Energy, said pipeline supplies could fall even more, "due to customers' desire to become less dependent on Russia, or because Russia is holding back volumes, such as differences over in what currency the gas should be paid for ". He also did not rule out stopping supplies through Ukraine if the war prevents the safe continuation of the pipelines.

The largest consumers of Gazprom's gas in Europe in 2021 were Germany (45.8 bcm), Italy (20.8 bcm) and Austria (13.2 bcm).

Russia is Germany's main supplier, supplying just under a third of its gas, while Italy receives about 40% of its imported gas and Austria 80% of its natural gas.

Alexei Gromov of the Institute for Energy and Finance said that Russia's pipeline gas could be partially replaced by LNG from the United States and Russia's Novatek, which would not require customers to pay in rubles. According to Gromov, this year the export of Russian pipeline gas to the European Union may reach about 105 bcm.

According to ExPro estimates, since the beginning of the year, Russia has supplied almost 32 bcm of gas to Europe (excluding Turkey).

19:10 / 22 April 2022

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