Gazprom in November: output near capacity, export to Europe stabilises MoM
Monthly operating data was promptly released by Gazprom on December 1. The company’s output was 1,500 mn cu m/d in November, up 77 mn cu m/d on last year.
Gazprom deliveries to Russian customers were up 49 mn cu/d, while exports fell 143 mn cu m/d, in our estimates. This would suggest that net Russian storage withdrawal was much lower than last year.
At the current production rate, the company could potentially increase supplies to Europe in December, even if the first winter month in Russia is as unusually cold as last year.