A report from the Russian Ministry of Economic Affairs showed that due to the decline in European consumption, the Russian Ministry of Economic Affairs lowered its forecast for Russia's natural gas exports in 2010 to 185.2 billion cubic meters.
According to reports, the forecast for May was 205.7 billion cubic meters, and the forecast for December 2009 was 316.7 billion cubic meters.
The Russian Ministry of Economic Affairs stated that its downward forecast was due to the decline in European consumption.
The demand for natural gas in Russia has fallen due to the large amount of LNG being sold in Europe, while the European spot price is still lower than the long-term contract price with Russian state-owned natural gas company OAO Gazprom.
However, the Russian Ministry of Economic Affairs also increased its export forecast for 2011 from 207.9 billion cubic meters to 210.1 billion cubic meters. It is also expected that the total natural gas production in Russia will be 653 billion cubic meters, up from the 644 billion cubic meters projected in May.
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