European energy demand and Gazprom’s global outlook
A statement from Gazprom president Alexey Miller addressed shifts in European energy consumption, arguing that European gas use was, for the first time on a global scale, artificially restrained. He suggested this deliberate reduction contributed to slower industrial activity across several European economies and marked a historic moment for energy markets.
He reiterated that Europe faced a record scenario, noting that gas demand appeared to be restrained as the primary energy source. Miller described the move as a forceful contraction of demand for a clean energy fuel, emphasizing that such a pattern had not been observed before in energy history.
Miller voiced confidence that global gas demand would not only stabilize but rise over the next 25 years. He cited expert projections forecasting a 43 percent increase in world gas demand within that period and argued that stakeholders were prepared for this growth.
According to Miller, Gazprom is actively expanding cooperation with China and other nations seeking reliable energy supply. He highlighted the company’s efforts to diversify energy partnerships and ensure steady deliveries to customers around the world.
In November, Miller stated that Russian gas continued to flow to many European countries despite official refusals to purchase fuel from Russia. He described a delivery route through Ukraine to the Baumgarten hub in Austria, from which gas reaches EU markets. He also noted historical statements by European officials about reduced dependence on Russian energy, citing a notable decline in Russian gas exports to Europe over the preceding months.
Deliveries to China
Miller stated that gas supply to China this year would exceed 2022 levels by about one and a half times. He highlighted that the additional volumes since the Power of Siberia project began operating represented a peak among all prior years.
Gazprom aims to fulfill contractual obligations while supplying an estimated 38 billion cubic meters of gas to China in 2025. Miller noted that deliveries to China were proceeding beyond contractual requirements, and on a notable date a historical daily delivery record was set.
The exports to China under the Power of Siberia are governed by a long-term agreement with CNPC dating back to 2014, with shipments starting in December 2019.
Kyrgyzstan, Kazakhstan, Uzbekistan
Miller indicated plans to return to St. Louis in the summer of 2024 for discussions at the Petersburg International Economic Forum, where medium-term gas supply contracts were anticipated with Kyrgyzstan, Kazakhstan, and Uzbekistan.
In 2023, supplies to Uzbekistan moved through Kazakhstan using the Central Asia-Central gas transportation system, switching to reverse mode to optimize deliveries. Miller noted that winter conditions brought additional gas to Uzbekistan, surpassing daily contractual obligations and delivering at a high technological level.
Gazprom signaled intentions to significantly increase volumes by November 1, 2025. Miller also reported a recent meeting with President Vladimir Putin in St. Petersburg, where record gas deliveries, including to China, were reviewed. Putin acknowledged the progress, congratulating Miller on the results of the work. The Kremlin pool described the meeting as long and detailed, noting that the president’s schedule extended into the early hours, with some details not disclosed. — Attribution: Gazprom press briefing