Posted on 06/11/2024 12:34:52 PM PDT by marcusmaximus
Gazprom, once Russia's biggest earning company, last year made its largest ever cut in natural gas production as the war in Ukraine continues to affect the majority state-owned energy giant.
Until 2023, Gazprom was the largest publicly listed natural gas company in the world, but the engine of Russia's economy has paid a high price due to Vladimir Putin's full-scale invasion of Ukraine, last month posting its first annual loss in a quarter of a century.
Adding to the bad news, Gazprom's annual report released Monday said that it had cut natural gas production by 13 percent to an all-time annual low of 359 billion cubic meters (bcm). This was down from 412.94 bcm the previous year and a third less than the 515 bcm from 2021, in the year before the war.
The gas production figures are the lowest since the company was established by the Ministry of Gas Industry at the end of the Soviet Union in 1989, Reuters reported.
(Excerpt) Read more at newsweek.com ...
Economy booming! ATACMS attacking with booms!
Putin wanted to bring back the glory days of the Soviet Union and he got his wish.
LOL
The zeeper freaks of FR, Unite!:
pIF
canuck_conservative
marcusmaximus
meganC
kozak
williams
jerod
Gazprom stronk as bull!
Meltedmicrochip is on the clock.
Cool.
Natural gas prices are certainly up a bunch lately.... https://finance.yahoo.com/quote/NG%3DF/ The stated reason for this is that “weather forecasts are suggesting hotter temperatures this summer which means increased electricity demand. There is compounded by producers cutting back earlier this year when prices hit record lows.”
Hmmm.... Am mulling over whether the timing might be good throw a bit of play money at something speculative like this.... https://finance.yahoo.com/quote/BOIL/?guccounter=1 If they have problems meeting electrical demand this summer, I suspect that gas prices could get very nasty.
But I was just told Russia’s economy is booming. Hm.
Oh my, they’ll have to use sulfurous gas from rotten eggs...
Think gas demand in Europe might go up this winter?
Hmmm, cut in production means raised prices
Ok... just did it!
Numbers of note:
Russian Federation Gas Output (this includes other companies than GAZPROM or GAZPROMneft or Lukoil or Rosneft)
1985 — 425 billion cubic meters
1995 — 552 billion cubic meters
2005 — 590 billion cubic meters
2015 — 584 billion cubic meters — note 611 GFC peak 2008
2019 — 679 billion cubic meters — max pre Covid
2021 — 702 billion cubic meters — post Covid
2022 — 618 billion cubic meters delta -12%
Netherlands 2021-2022 delta -15%
Nigeria also minus more than 10%
The answer seems to be in consumption:
Total world consumption -3.2% 2021-2022
This can happen most powerfully from a warm winter
Euro consumption 2021-2022 -13%, compilation of all EU and UK
Everything doesn’t have to be political.
And best to remember when we’re talking about joules . . . things that actually matter . . . if you didn’t bring it out of the ground to burn somewhere, it’s still in the ground.
If only his barrels of ink were artillery shells...
You left me out. I’m offended!
My cup of schadenfreude runneth over!
Yep! 😆
Just wait until Trump turns the spigots back on. $45 oil and cheap gas will cripple the Russian economy even further.
Hell yeah!
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