Russian natural gas giant Gazprom decreases production

Gazprom will reduce the annual natural gas production in 2008 from 561 to 552-553 billion cubic meters of gas, or even lower, said a Gazprom department manager, Alexander Kalynkyn. „The decision comes after the decrease of oil and gas demand from metallurgy and cement producers”, said the official.

Gazprom also announced a decrease in natural gas exports from 163 to 161 billion cubic meters. Russian news agency RBK reminds that Gazprom produced 548.6 billion cubic meters of natural gas in 2007, estimates indicating 565 – 570 billions in 2010, 610-615 billions in 2015 and 650 billions in 2020.

The production decrease is caused mainly by the international crisis, experts say. Some of the Gazprom may be halted and the company may seek financial supplements on the international financial market.