Gazprom to Cut Gas Output to All-Time Low

29 September 2009 (Last Updated September 29th, 2009 18:30)

Russia's Gazprom will cut gas output in 2009 by 13.8% on low demand at home and in Europe, and much lower demand in the former Soviet Union, according to Russian sources. The world's largest gas producer, which supplies a quarter of Europe's gas needs, will produce 474 billion cubic me

Russia's Gazprom will cut gas output in 2009 by 13.8% on low demand at home and in Europe, and much lower demand in the former Soviet Union, according to Russian sources.

The world's largest gas producer, which supplies a quarter of Europe's gas needs, will produce 474 billion cubic metres (bcm) in 2009.

Exports to Europe are also expected to fall by 10% to 142.5bcm, the Vedomosti business daily said, citing documents by Gazprom.

The company has previously only given a range of expected production falls in 2009 - saying it could fall as much as 18%, according to Reuters.

Supplies to Russian customers are also expected to fall by 11% to 268.4bcm.

Gazprom's state-controlled board will meet later on today to discuss key financial and production targets.