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The U.S. and Russia have been the predominant producers of natural gas. [1] Russian natural gas production (red) and exports (black), 1993–2011 [needs update]. In 2021 Russia was the world's second-largest producer of natural gas, producing an estimated 701 billion cubic meters (bcm) of gas a year, and the world's largest natural gas exporter, shipping an estimated 250 bcm a year. [2]
However, BP credits Russia with only 32,900 km 3, [5] which would place it in second place, slightly behind Iran (33,100 to 33,800 km 3, depending on the source). Due to constant announcements of shale gas recoverable reserves, as well as drilling in Central Asia, South America, Africa, and deepwater drilling , estimates are updated frequently.
Russia has the largest reserves and was the largest exporter of natural gas. [1] It has the sixth largest oil reserves, and is one of the largest producers of oil. [2] It is the fourth largest energy user. [3] In 2009, Russia produced 12% of the world's oil and had a similar share of global oil exports. [4]
Europe's economic crisis deepened Monday as Russia further squeezed energy supplies to the continent, with German electricity prices soaring 23%. European natural gas prices surge 36% after Russia ...
On 26 April, Russia announced it would cut off natural gas exports to Poland and Bulgaria because of their refusal to pay in rubles. On 21 May, Russia halted all of its gas exports to Finland for the same reason. [38] Natural gas prices are expected to remain extremely volatile in the current context of market uncertainty.
January gas supplied by Russia to Europe was 1.7b m3 compared with 13b m3 average per month for the 2021 year. [32] The price of natural gas in Europe fell to an 18-month low in mid February of €49pmh with gas storage across the European Union at 65% capacity, well above the average of 45% at this time of year. [33]
The flow accounts for around half of Russia's total pipeline gas exports to Europe, with Slovakia, Italy, Austria and Czech Republic set to be most affected if it ends.
On 19 December 2022 the European Energy ministers agreed on a price cap for natural Gas at €180 per megawatt-hour [181] aiming to stop Russia forcing European gas prices upwards. Exports of gas by Gazprom from Russia in 2021 was 185Bcm, [ 182 ] in 2022 it fell by 45% to 100Bcm [ 183 ] and in 2023 it fell again to 62Bcm.