Russia's Jan-Apr Export Revenues Fall 29%

Russian gas export monopoly Gazprom's export revenues fell by 29% in Jan-Apr 2016, standing at $10.781bn, compared with the same period in last year, the Russian Federal Customs announced. Despite the falling export value, Gazprom sold 11.4% more gas, 66.2bn m³ during the four months, than it did in that period last year, leading to an average price for the quarter of $162.85/'000 m³.

From January to April natural gas export to the far abroad (the European Union and Turkey) increased by 20.9% up to 53.2 bn m³, while to the near abroad (the former Soviet Union republics not part of the EU, such as Moldova and Belarus) dropped by 15.6% to 13 bn m³, reported TASS.

Russia's Jan-Apr Export Revenues Fall 29%

In May, the price of Russian gas exports was $153/'1000m³. The figure for last year's average was $265/'000 m³ ($7.36/mn Btu).

This is a higher price than was achieved at hubs in northwest Europe. Gas prices at the UK's National Balancing Point (NBP) hub in May 2016 fell by 32% from the same month of the previous year, according to data from system operator National Grid. The system average price for May 2016 recorded by operator National Grid was 30.21 pence/therm ($4.35/mn Btu).

Azerbaijan desk