Gazprom's gas production is expected to increase to approximately 416 billion cubic meters in 2024.

Alexei Miller, the CEO of Russia's Gazprom, announced on Thursday that the company's natural gas production is expected to increase this year by 61 billion cubic meters (bcm), reaching around 416 bcm.

This rise comes after an unprecedented drop in production in 2023, a year when output fell by 13% and the company faced losses due to decreased gas exports to Europe, which used to be Gazprom's main source of income, as tensions with the West escalated over the conflict in Ukraine.

Miller indicated that gas exports to China are projected to rise to 31 bcm this year, slightly above the previously planned 30 bcm.

The company has been negotiating with China to significantly boost gas sales, including through the Power of Siberia 2 pipeline. However, these talks have not been successful due to various challenges, primarily concerning pricing.

In response, Gazprom has shifted its focus to the low-cost domestic market and neighboring former Soviet states like Kazakhstan, Uzbekistan, and Kyrgyzstan.

The company reported on Thursday that gas supplies to domestic consumers have hit a record high of 390 bcm in 2024.