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3 Dec, 2023 13:17

Russia about to become one of the world’s biggest LNG producers – Gazprom

The energy giant expects production in Australia to decrease, pushing Moscow up in the rankings
Russia about to become one of the world’s biggest LNG producers – Gazprom

Russia could become the world’s third biggest producer of liquified natural gas (LNG), according to Gazprom, the country’s biggest state-run energy company.

The gas giant expects a significant increase in production of the supper-chilled gas to be recorded in the US, Qatar, and Russia, while Australia is projected to see a relative decrease in LNG output.

“As a result, Russia could become one of the three biggest LNG producers in the world,” the company said in a statement. It followed a meeting of the board of directors that reviewed prospects for the global shale gas and LNG sector.

According to Gazprom, the volume of global LNG trade in the first three quarters of 2023 increased by 2%.

The company also said that Europe is expected to decrease LNG imports due to a projected decline in gas consumption by the EU as a result of weakening economic and industrial potential.

In the long term, China, India, and the countries of Southeast Asia should provide the main global increase in demand for LNG, Gazprom added.

The energy giant stressed that the decrease in global consumption of LNG was being driven by low levels of fulfillment of supply contract obligations.

“The global market continues to record cases of failure by LNG suppliers and producers to fulfil obligations under long-term contracts,” Gazprom said, adding that the unfair actions of energy companies from Europe and the US were having a negative impact on the reliability of gas supplies to consumers.

For more stories on economy & finance visit RT's business section

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