13:34 02.09.2015

Gazprom reduces gas output 6.7% in Aug despite export growth

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Gazprom reduces gas output 6.7% in Aug despite export growth

Gazprom did not manage to firm up gas production in August after nearly zero growth in July and saw production drop for the 14th consecutive month.

Gazprom produced 25.5 billion cubic meters of gas in August, down 6.7% from 27.328 bcm a year earlier, Interfax estimates based on Central Dispatching Department of the Fuel and Energy Complex (CDU TEK) statistics show.

Gazprom's production slipped by just 0.5% in July, inspiring hope for a recovery. But production continues to come under pressure from the main factor, the significantly lower assignment for pumping gas into underground storage in Russia.

The production of Gazprom, the world's biggest gas company, has not been disclosed separately in CDU TEK data for several months, but has been concealed in the basket of 'other producers.' Analysts therefore calculate Gazprom production figures independently based on industry statistics.

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