In 2023, the Russian state energy company Gazprom extracted the least amount of natural gas in its entire history.
Last year, the mentioned company, which was founded in 1989, extracted 359 billion. cubic meters of natural gas. From 2022, production decreased by 13 percent, from 2021 – by almost a third.
The net loss of the Kremlin-owned company in 2023 was 629 billion. rubles ($7 billion). This is the first annual loss since 1999 due to restrictions on gas trade with European countries.
Reuters notes that Gazprom failed to diversify its sales outside of Europe after the war in Ukraine. Negotiations are currently underway with China to increase gas sales. It is true that they are still fruitless with Beijing, as it is not possible to reach an agreement on pricing.
Gazprom has turned its attention to the low-cost domestic market and countries of the former Soviet Union, including Kazakhstan, Uzbekistan and Kyrgyzstan, which can replace European markets.
