Russia could face double-digit drop in gas exports as pandemic cripples demand

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While Russia’s gas exports are set to drop between 15 and 16 percent in total this year, analysts anticipate that they will recover in 2021, when shipments will reach pre-crisis levels of 220.2 billion cubic meters. The recovery will be driven by growing demand from the world’s biggest importer of gas, China, as well as other Asian markets.

The steep decline in energy prices is projected to cut the revenues of Russian energy firms fourfold, while net sales in the country’s oil and gas sector could contract by a third. However, the situation is still expected to improve as soon as next year when prices return to growth.

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