Russia's gas production has reportedly dropped by 10pc in a blow to Vladimir Putin's efforts to fund his war in Ukraine.
Moscow's output fell 10pc in annual terms in the first three months of the year to 180 billion cubic meters (bcm), said the daily newspaper Kommersant, owned by oligarch Alisher Usmanov.
In March alone, gas output had fallen 10pc to 61bcm, it added.
Its report said production at Russia's major producer Gazprom alone, which holds about 15pc of global gas reserves, was down by almost 18pc from January to March.
It comes as Dutch front-month futures, Europe's gas pricing benchmark, have fallen about 88pc from their peak last summer in the wake of Russia's invasion of Ukraine.
Gas prices have fallen to less than €38 per megawatt hour, down from more than €339 last year, while the UK and Europe have drastically reduced their reliance on Russian energy since Ukraine war began.
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2023-05-03 06:22:00Z
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