Russia's Economy Ministry predicts gas export at $129.9 in 2020, recovery in near future

# 26 September 2020 19:00 (UTC +04:00)

Russia’s Ministry of Economic Development predicted in a macroeconomic report published Saturday that the price of exported Russian gas would average out to $129.9 per 1,000 cubic meters over the course of 2020, APA reports citing Sputnik.

The report, which examines Russia’s gas exporting prospects and likely trends over the next three years, expects a swift recovery of demand following the pandemic-related lull of 2020.

The report predicts that the annualized average price per 1,000 cubic meters of gas exported outside the post-Soviet space in 2021 will rise to $153.7 and remain in that range until at least 2023.

In 2019, this price averaged $204.8 per 1,000 cubic meters to countries beyond Russia’s immediate surrounding.

The ministry estimated that by the end of this year, Russia will have exported 184.5 billion cubic meters of natural gas, down from 220.6 billion in the previous year. This metric is expected to recover in the coming three years, growing to 220 billion cubic meters in 2021, 238.4 billion in 2022 and 240.5 million in 2023.