The Russian Ministry of Economy reduced its expectations for natural gas production this year to about 683 billion cubic meters on Wednesday, a decrease of 5.3 billion cubic meters compared to the forecasts issued in May, amid a review of production and export estimates.
The ministry said in a statement that the new expectations will be used to update the Russian federal budget project, explaining that the reduction in gas production and export estimates comes amid deteriorating economic relations and its impact on demand expectations and foreign markets in the coming period.
