Gazprom Exports Surged in March Ahead of Ruble Payment Deadline
- Gazprom sent 494 mcm/d to foreign clients, highest in 7 months
- Gazprom’s daily gas output dropped to 1.47 bcm in March
Pipes carrying gas at the Gazprom PJSC Kasimovskoye gas storage facility in Kasimov, Russia on Nov. 17, 2021.
Photographer: Andrey Rudakov/BloombergGazprom PJSC’s daily average gas flows to key foreign markets soared in March to the highest in seven months as buyers boosted purchases amid concerns Russia may cut off supplies.
Europe gets about 40% of its gas from Russia and is already grappling with fallout from this winter’s supply squeeze and low inventories that sent prices to record highs. Clients on the continent, the single largest market for Russian natural gas, were trying to acquire as much of the fuel as possible ahead of an April 1 deadline when Gazprom starts accepting only rubles for its supplies to the European Union and a number of other nations Russia labels as “unfriendly.”