On Thursday, a source informed Reuters that in the first quarter of the year, natural gas exports via pipeline by Russian energy major Gazprom plunged on weak demand.
In the first three months of 2020, Gazprom’s exports to Europe including Turkey flopped by 19% year-on-year to roughly 40 bcm.
According to Ukraine’s gas pipeline operator, the company also slashed its gas transit via its key exporting route Ukraine by close to a half to 15.5 bcm.
Previously, Gazprom had expected its natural gas exports to slump by about 16% this year on the back of the coronavirus. Total shipments, mainly to Europe is likely to drop by 166.6 bcm, from 199.2 bcm in 2019.
The company mentioned the combination of the warmer winter season and the coronavirus pandemic as the reasons for the predictions.
It is apparent that Gazprom is now moving further from its long-term target of 200 bcm gas exports to Europe. Typically, the company supplies around 35% of the European gas market.
