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29 Oct, 2021 09:35

Russia’s Gazprom to cover third of global gas consumption growth in 2021

Russia’s Gazprom to cover third of global gas consumption growth in 2021

Russian state-run energy giant Gazprom has ramped up production of natural gas to meet as much as a third of the world’s increase in consumption this year, the company said.

Gazprom’s output surged 16.6%, or 56.7 billion cubic meters, since the beginning of the year through the middle of October, compared to the same period a year ago. The increase was triggered by the dramatic surge in global demand as major economies reopened after the coronavirus pandemic.

“Thus, Gazprom is not only ensuring the reliable operation of Russia’s fuel and energy complex, but also making a considerable contribution to the development of the global energy market,” the company said in a press release.

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The preliminary estimates cited by Gazprom show that global gas consumption is expected to grow by 150 billion cubic meters to 4.2 trillion cubic meters in 2021, with the largest, most significant upturn in gas demand to come from the company’s key markets – Russia, China and Europe.

“Despite changes in the price environment – surging gas prices in Asia and Europe – and new initiatives for the decarbonization of the economy, leading research organizations continue to forecast significant increases in global gas consumption in the short and long term,” the company said.

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