Gazprom produced 344 billion cubic meters of gas between January and October 2022, according to preliminary data, indicating a decline of 18.6% (or 78.8 billion cubic meters) of YoY.
Domestic demand for the Company’s gas transmission system supplies decreased by 5.6% (or 11.1 billion cubic meters) during that time.
Gas exports to nations outside the FSU were 91.2 billion cubic meters, a decrease of 42.6% (or 67.6 billion cubic meters) from the amount for the same period in 2021. In response to verified requests, Gazprom provides gas.
As part of the long-term bilateral agreement between Gazprom and CNPC, gas deliveries to China via the Power of Siberia pipeline continue to increase. The supply frequently exceeds the stipulated daily amounts.
The reduction in worldwide gas demand was primarily caused by lower gas consumption in the European Union. The initial preliminary projections and the current statistics that are available indicate that the worldwide gas consumption decreased by more than 40 billion cubic meters in the first ten months of 2022. The 27 member states of the European Union make up around 85% of this total, or 36 billion cubic meters.
At the same time of 2022, gas consumption in the UK decreased as well, falling by almost 4 billion cubic meters. This indicates that the EU and the UK collectively are responsible for nearly 95% of the drop in world gas demand.
According to Gas Infrastructure Europe, as of October 30, the underground gas storage facilities in Europe had added 68.6 billion cubic meters to their gas reserves. However, even bringing the UGS facilities of the major European nations to their maximum reserve levels would not ensure a dependable performance for the upcoming autumn/winter season. Additionally, due to changes in logistics and gas supply sources on the European market, the pressure on UGS facilities in Europe will be much higher than in past years. The fact that some nations have already begun using the gas reserves in the storages should be emphasized.
Additionally, because of the modifications made to the European market’s logistics and sources of gas supply, the strain on Europe’s UGS facilities will be substantially higher than in past years. It should be noted that several nations have already begun exploiting the gas reserves that are present in the storages.