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In Q1-2016, Gazprom
exported to Europe 44.4 billion cubic meters (bcm) of gas. This is
29% higher than Q1-2015, though just 4% above the level of Q1-2014.
The record volume of
47.6 bcm was exported in Q1-2008. The lowest result of 29.1 bcm was
shown in Q1-2009 when
Vladimir Putin ordered Gazprom to reduce gas supplies through
Ukraine to Europe. As
Mr Putin said later:
- "Eventually, we reduced it to zero".
The second lowest
result of 34.4 bcm was achieved in Q1-2015 when Mr Putin
materialized
his threat to "punish" European companies for reverse gas flows
from the EU to Ukraine.
The third lowest export
volume of 34.7 bcm was reported in Q1-2007 because of the record
warm winter.
In general, winter
exports of Russian gas depend on the weather and the mood of
Vladimir Putin. The winter demand seems to be less sensitive to
the price.
Mikhail
Korchemkin
East
European Gas Analysis
Malvern,
PA, USA
May 17, 2016
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