January 2011 Vol. 238 No. 1

Projects

Gazprom Again Trims 2010 Production Forecast

Citing weaker-than-expected gas demand in the domestic and international markets, Gazprom cut its 2010 production forecast for a second time.

The recovery in European and Russian gas demand in 2010 was slower than Gazprom anticipated, prompting it to shave its forecast for production to 515 Bcm from a previous target of 519.3 Bcm.

The revision is just 0.8% lower than the previous output target, yet this the second time that Gazprom has cut its forecast gas production target in 2010, reflecting the reality of its overly optimistic expectations.