Russia’s gas giant Gazprom has cut its gas output forecast for 2015 to 570-580 billion cubic meters per year due to worsening market conditions, the company said on Tuesday.
“As it was noted at a board of directors meeting, the development of internal and international gas markets helps forecast gas production of the Gazprom group at up to 570-580 bcm by 2015,” Gazprom said in a statement.
In the pre-crisis year of 2008, when the company produced about 550 bcm of gas, Gazprom CEO Alexei Miller said that output could grow to 570 bcm in 2010 and reach 610-615 bcm in 2015.
In November 2010, Gazprom cut its forecast for this year’s gas output to 515 bcm from 520 bcm.
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