Russian-owned gas company Gazprom failed to meet its own European export targets for 2021, which ultimately helped contribute to the continent’s worst energy crisis in decades.
According to a statement from Gazprom CEO Alexey Miller seen by Bloomberg, the energy giant only delivered 185.1 billion cubic meters to its main export clients, including Europe, China, and Turkey. Although the figures are above last year’s levels by 3.2%, they were still lower than export levels reported in 2018 and 2019.
According to calculations conducted by Bloomberg, natural gas deliveries to Europe and Turkey stood at around 177 billion cubic meters in 2021, which are substantially lower than Gazprom’s previous October forecast of 183 billion cubic meters worth of exports to the two regions.
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Exports from Gazprom have been heavily scrutinized over the past several months, as lower supplies have sent energy prices skyrocketing to record-highs. However, even despite the continent’s gas supplies sitting at historically low levels, coupled with incoming cold temperatures, the company has failed to boost gas supplies to its clients above its long-term contractual obligations.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
