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Russia – the Largest Gas Producer in 2011
01-09-2011 18:23
Russia – the Largest Gas Producer in 2011
Russia – the Largest Gas Producer in 2011

The production of gas in Russia in 2011 will amount to 671 billion cubic meters, which is by 3.4% more than the last year level and almost by 1% exceeds the prior historic maximum (665 billion cubic meters in 2008). The newspaper “Vedomosti” cites the new forecast of social-economic country’s development, thus in 2014 the Russian gas production may hit 741 billion cubic meters. The former outlook of the Ministry of Economic Development and Trade, published in April, assumed that the pre-crisis record will be cracked only next year. For two months in line Russia was the second world largest producer of gas after the U.S.A., however, this year should become record-bringing for the country. The forecast of the Ministry for the current year is adjusted upwards taking into account the production for seven months of the current year. The main surplus as expected by the Ministry, will be due to the independent gas producers. The predictions of Gazprom have not almost changed: self-record of production (578 billion cubic meters in 1993) Gazprom will manage to break in 2014 at most. A surge in gas production in the U.S.A. has started in 2006 due to the boom of shale gas production. As a result the U.S.A. narrowed gas import and even started to re-export it, and the fuel from Africa, Middle East and Asia was redirected to Europe. This decreased the sales of Gazprom, though now the European market of gas is recovering. In accord to the data of the International Energy Agency by 2035 world gas consumption will climb by over 50% as compared to the level of 2010 and will amount to 5.1 trillion cubic meters. And China will become one of the largest oil consumers in the world. The share of gas in the global energy balance according to IEA will upturn in 2035 from the current 21% to 25%. In late 2010 – early 2011 the agency considered that the share of gas in total volume of the used energy will exceed the mark of 22% by 2030.  

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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