Reuters reported that the Russian Economy Ministry cut its 2012 gas export forecast to 193 billion cubic metres from an earlier 212 billion cubic meters due to sluggish European demand which also prompted it to reduce its average export price estimate.

The export price to countries outside the former Soviet Union was expected to fall to USD 393 per 1,000 cubic metres this year from an earlier projected USD 439. State controlled Gazprom has a monopoly on Russian gas exports.

Mr Andrei Klepach Deputy Economy Minister said this week that the gas export forecast will be reviewed as the US shale gas boom and ample supplies of liquefied natural gas boost competition against high-priced Russian pipeline gas exports.

Source - Reuters

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