Document: China will get Russian gas at cheaper prices than it exports to Europe

A Russian government document shows that the price of the Russian natural gas pipeline to China is expected to steadily decline in the next few years, and it is expected to be much lower than what Moscow sells to Europe.

The document explained that oil exports from Russia are also expected to decrease next year, according to the forecast of socio-economic development in Russia until 2026, while the price of Russian oil is expected to rise in 2024.

According to the document, the price of Russian gas through the pipeline to Turkey and Europe – which have experienced a sharp decline in imports of goods from Russia due to Moscow’s actions in Ukraine – is expected to fall this year to 501.6 dollars per 1000 cubic meters, and 481.7 dollars in 2024, from 983.8 dollars in 2022.

As for China, it will be 297.3 dollars, and 271.6 dollars in 2023 and 2024, respectively, as Europe managed to overcome the energy crisis that was feared in the winter of 2022/2023, thanks to its efforts to reduce energy consumption and find other suppliers.

According to the government document, crude oil exports are expected to decline this year to 247 million tons (4.96 million barrels per day), from 248.2 million tons in 2022, and to decline further to 240 million tons next year, before recovering again to 247 million tons in 2025.