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GAZPROM’S OIL AND NATURAL GAS EXPORTS FALL SHARPLY
SOURCE: GAZPROM.COM
7 July 2020
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GAZPROM’S OIL AND NATURAL GAS EXPORTS FALL SHARPLY
The coronavirus crisis and the ongoing oil price war have both taken its toll on Russia’s hydrocarbon trade. Russia’s state energy major Gazprom saw the worst outcomes as it has lost a portion of the European sales market, with everdropping gas prices. The decline in oil and gas export figures will certainly deliver a severe blow to Russia’s budget.
Russian energy giant Gazprom’s natural gas export revenue via pipelines decreased by 53 percent year-on-year in the first five months of 2020. Between January and May 2020, the energy giant’s revenues slumped to $9.7 billion, Russia’s Federal Customs Service, or FTS, said in a statement. The company’s gas exports saw a 23 percent slump, to 73 billion cubic meters, or bcm. Throughout May, the Russian energy major exported 11.9 bcm of gas worth some $1.12 billion in what was a 15 percent decrease month-on-month. 2020 is therefore set to be somewhat bitter time for Gazprom as the Russian gas behemoth is likely to see a drop in its figures. Also, throughout 2019, the Russian gas giant delivered 199.2 bcm of gas to the
