Russian gas company Gazprom missed its own “conservative” target for 2021 exports to Europe, and those capped flows contributed to the continent’s worst energy supply crunch in decades.
Gazprom delivered 185.1 billion cubic metres to its main clients abroad, including Turkey, China and the EU, excluding former Soviet Union nations outside the bloc, chief executive Alexey Miller said in a statement on Sunday, report agencies.
Deliveries to Europe and Turkey were about 177 billion cubic metres last year, according to calculations by Bloomberg News and BCS Global Markets based on Gazprom’s data. That fell short of Gazprom’s forecast for exports to Europe and Turkey of as much as 183 billion cubic metres – an estimate it has stuck to since the spring and maintained at the end of October, even as Europe clamoured for more supplies.
While Gazprom’s flows to Europe and Turkey were below the company’s outlook, they were in line with recent estimates from BCS Global Markets, said Ron Smith, the company’s senior oil and gas analyst in Moscow.