Russian gas company Gazprom missed its own “conservative” target for 2021 exports to Europe, and those capped flows contributed to the continent’s worst energy supply crunch in decades.
Gazprom delivered 185.1 billion cubic metres to its main clients abroad, including Turkey, China and the EU, excluding former Soviet Union nations outside the bloc, chief executive Alexey Miller said in a statement on Sunday.
That was 3.2 per cent above 2020 levels, but lower than 2018 and 2019, which were about 200 billion cubic metres.
Deliveries to Europe and Turkey were about 177 billion cubic metres last year, according to calculations by Bloomberg News and BCS Global Markets based on Gazprom’s data. That fell short of Gazprom’s forecast for exports to Europe and Turkey of as much as 183 billion cubic metres – an estimate it has stuck to since the spring and maintained at the end of October, even as Europe clamoured for more supplies.
While Gazprom’s flows to Europe and Turkey were below the company’s outlook, they were in line with recent estimates from BCS Global Markets, said Ron Smith, the company’s senior oil and gas analyst in Moscow.
“It was clear in recent weeks that high prices had caused a reduction in nominations from its European customer base,” he said.
Flows to Europe and Turkey could be even lower – at about 175.4 billion cubic metres last year, based on assumption that Gazprom’s daily flows to China were more than a third above its contractual volumes in November and December, said Mitch Jennings, an energy analyst at Sova Capital.
Gazprom’s exports have been scrutinised as tight supplies in Europe recently sent prices soaring. With it being winter and the region’s stockpiles falling dangerously low, the company has sent only as much gas to EU clients as it is obliged to supply under long-term contracts. It has not offered spot cargoes for months.
It is not known why Gazprom has been reluctant to offer spot gas to the bloc. While the company has pointed to demand destruction as a result of surging regional prices, European officials say the Russian producer is intentionally withholding in the hope of speeding up approvals for the contentious Nord Stream 2 pipeline.
Gazprom does not break export data down by country, making it difficult to estimate 2021 flows to individual markets. But Mr Miller said the largest growth in deliveries was to Germany, Turkey and Italy. Flows to China exceeded Gazprom’s contractual obligations throughout 2021, Mr Miller said.
Daily exports outside ex-USSR nations in December, when the peak demand season often starts, averaged 439 million cubic metres – the lowest level for that month since 2014, according to Bloomberg calculations.
Gazprom’s gas output for 2021 reached 514.8 billion cubic metres, the highest since 2008. December daily production averaged 1.523 billion cubic metres, the highest since 2013 for that month.
With Russian pipeline exports to most EU countries capped in December, the bulk of the extra gas stayed at home as abnormally low temperatures set in during the final days of the year.
As temperatures plunged, deliveries to domestic clients in late December surged to as high as 1.656 billion cubic metres a day, Gazprom said, higher than its average daily production levels for December. To meet the demand, the company said withdrawals from local underground storage reached a five-year high.
Russia can afford to draw record amounts from its inventories as Gazprom filled the domestic sites with all-time high gas volumes of 72.6 billion cubic metres by November.
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UAE currency: the story behind the money in your pockets
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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