According to the International Energy Agency (IEA), Russia’s share of the global gas market is set to drop from a former 25 percent to just 10 percent, while profit from gas exports will fall fourfold.
In the report by the International Energy Agency (IEA), Moscow will not be able to compensate for the lost gas exports to the European Union. According to IEA analysts, Russia, which accounted for approximately a quarter of the global gas market until 2021, will no longer reach its previous levels, but will reduce its share to 10 percent by 2035.
Russia’s annual gas revenues are expected to fall from $120 billion in the 2010s to less than $30 billion in the 2030s, while gas production in Russia will remain at around 680 billion cubic meters.
In the meantime, Russia is increasingly turning to China for energy, due to which the Power of Siberia 1 pipeline, with a capacity of 38 billion cubic meters, is expected to start operating at its planned capacity in 2025.
In August, one of Russia’s largest liquefied natural gas (LNG) producers was forced to reduce the price of its raw materials by 30-40 percent to encourage Chinese buyers to purchase from ready projects near the Russian Arctic zone./Klix.ba/
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