IEA sees Russia’s share on global gas market falling to 15% 2030

MOSCOW, Oct 27 (PRIME) -- Russia’s share on the global gas market will fall to below 15% in 2030 from 30% in 2021, the International Energy Agency (IEA) said in its World Energy Outlook report on Thursday.

“With the loss of its largest export market in Europe, Russia faces the prospect of a much-diminished role in international energy affairs. 2021 proves to be a high-water mark for Russian export flows,” the agency said.

“Its share of internationally traded gas, which stood at 30% in 2021, falls to 15% by 2030 in the STEPS and to 10% in the APS. Importers in China have been actively contracting for liquefied natural gas, and there is no room in China’s projected gas balance for another large-scale pipeline from Russia.”

Russia is unsuccessful in finding markets for all of the flows that previously went to Europe, the IEA said. In 2025, Russia’s oil production is seen 2 million barrels a day lower than it was projected earlier and gas production is down by 200 billion cubic meters.

Russia’s net income from gas exports is to fall to U.S. $25 billion in 2030 from $75 billion in 2021, the agency said.

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