2023-09-09 08:41:00
The price for Russian natural gas delivered to China through the pipeline will gradually decrease in the coming years and will be approximately half of what Moscow is asking for gas delivered to Europe, according to a Russian Government document seen by Archyde.com on Friday.
The Russians sell gas to the Chinese at half priceFoto: Shutterstock
Also, Russia’s oil exports are expected to decrease next year, according to economic forecasts until 2026 sent to Russian Prime Minister Mikhail Mishustin.
According to this document, consulted by Archyde.com, the price for Russian natural gas delivered by pipeline to Turkey and Europe is expected to fall this year to $501.6 per 1,000 cubic meters, to reach $481.7 per thousand meters cubic meters in 2024, from a price of 983.8 dollars per thousand cubic meters in 2022.
In the case of natural gas delivered to China, the price is expected to drop to an average of $297.3 per thousand cubic meters in 2023 and to $271.6 per thousand cubic meters in 2024.
These estimates provide a clue to the $400 billion contract, the largest ever signed by Gazprom, to supply natural gas to China National Petroleum Corp. via the Power of Serbia pipeline.
The price China paid for Russian natural gas delivered through the pipeline has never been made public by the Moscow government or Russian gas giant Gazprom since deliveries began in 2019, but analysts have long suspected it was much lower than the one where Russia sells gas to Europe.
Last winter, Europe managed to overcome the problems caused by the reduction in Russian natural gas supplies, thanks to its efforts to reduce energy consumption and find other suppliers, such as sellers of liquefied natural gas.
Also according to the document consulted by Archyde.com, Russia’s crude oil exports should decrease this year to 247 million tons, from 248.2 million tons in 2022. Moscow’s forecasts point to a further decrease next year, to 240 million tons, so that in 2025 it returns to growth, to 247 million tons.
The mentioned document shows that the export price for Russian crude is estimated at $71.3 per barrel in 2024, compared to $79.6 per barrel in 2022 and the $63.4 per barrel expected this year, but above the ceiling of price of 60 dollars per barrel imposed by the West.
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