After two years of free fall, Russian gas production soared over the 2023/24 heating season, supported both by stronger domestic demand and higher exports.
Russian gas production jumped by almost 10% (or 16 bcm) yoy in Q1 2024, albeit remaining 3% below its 2021 levels. cold weather boosted domestic consumption, with severe coldspells driving daily record demand peaks in January.
Piped gas exports to China increased in line with the contractual arrangements by an estimated 2 bcm in Q1, while Gazprom ramped-up exports also to gas-starved Uzbekistan (around 9 mcm/d). LNG exports increased by around 10% yoy.
In addition, Russian piped gas deliveries to Europe increased by an estimated 25% (or 2.7 bcm) yoy in Q1, primarily driven by higher deliveries to Turkey but also to the European Union (up by 18% yoy).
Source: Greg Molnar
