OREANDA-NEWS. May 5, 2009. Gas output in Russia decreased by around 25% y-o-y in April, while crude extraction increased, according to data released by the RF Energy Ministry. This April gas production totaled 1.47 bcm per day against 1.92 bcm per day in April 2008 and oil output rose 1.3% to 9.85 mn bpd. Gas volumes extracted by Russian gas monopoly Gazprom sank 28% y-o-y and declined 7% vs. March 2009 to 1.15 bcm of gas per day.

This is record low over the past decade, analysts say, predicting an increase in output in the second half of the year when gas prices will go down after the contraction in crude futures. Until this happens clients are in hurry to buy gas, giving preference to cheaper energy products.

Gazprom, the world’s natural gas champion, extracts around 80% of Russian gas and meets 25% of Europe’s gas needs. This April Novatek, Russia’s No. 2 gas producer, extracted 2.5 bcm of gas per day or flat compared to the year-earlier period and slightly less than this March.