Russia’s Natural Gas Exports Decline
There is mounting evidence that Russia’s natural gas export industry has suffered since the country’s invasion of Ukraine. New estimates suggest that Russia’s pipeline exports could decrease by 50% this year compared to last year.
The issues are not limited to gas delivered by pipeline. The European Union is also threatening to reduce imports of liquefied natural gas from Russia, which was the only bright spot for the Russian industry last year. However, last year was an especially bad year.
Russia may see gains in gas sales to China and Turkey, but China is only a fraction of the market that Europe used to be. Despite Western embargoes, Russia has fared surprisingly well but has had to sell at a discount. Looking ahead, Russia will also struggle to find new buyers as most of its fuel moves through pipelines, which are geographically fixed, unlike liquefied natural gas, which can be transported like oil on ships.
Alternative sources: Europe has worked to…
2023-04-27 23:34:33
Source from www.nytimes.com