Russian gas production could fall 5% in 2023, rise 4% in 2024 - forecast

MOSCOW. Sept 22 (Interfax) - Russian gas production including associated gas will fall 5% in 2023 compared with 2022 to 642 billion cubic meters and pipeline gas exports will fall 23% to 97 bcm, but will grow gradually over the coming years.

According to the Economic Development Ministry's socio-economic development forecast for 2024-2026, published on the ministry's website, Russia will produce 666.7 bcm of gas in 2024, up 4% from 2023, and exports will be 108 bcm compared with 131.2 bcm in 2022.

LNG exports could grow from 33.3 million tonnes in 2023 to 38 million tonnes in 2024, to 40 million tonnes in 2025 and to 44 million tonnes in 2026.

Gas prices (average contract, including CIS) are expected to be $354.4 per thousand cubic meters in 2023, compared to $702.9 per thousand cubic meters.in 2022, then $268.8 in 2024, falling to $263.2 in 2025 and in $256 in 2026.