Gazprom, Russia's state-owned energy giant, has reported a significant 25% year-on-year decrease in its gas production for the first half of 2023, with output falling to 179.45 billion cubic meters.

This compares to 238.46 billion cubic meters produced during the same period in the previous year, according to the company's official report.

The company attributes this decline in gas production to a series of politically motivated decisions taken by several countries, aimed at reducing their reliance on Russian gas imports.

In contrast to the drop in gas production, Gazprom saw an 8.8% increase in oil and gas condensate production in the first half of 2023, with total production reaching 36.31 million tons.

The report further revealed that Gazprom's gas supplies in the first half of 2023 totaled 166 billion cubic meters to both domestic and foreign markets, marking a significant 26.5% decrease compared to the same period in 2022 when supplies reached 225.7 billion cubic meters.

The report states: “Gas consumption in the reporting period was influenced by weather, economic, and geopolitical factors. The slowdown in economic activity in Europe contributed to maintaining gas consumption indicators at low levels. Nevertheless, the demand for Russian gas in this region was also influenced by geopolitical factors and the high level of occupancy of European underground gas storage facilities.” (ILKHA)