Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Gazprom Cuts Output Forecast Again

Gazprom has cut its 2007 output forecast for the second time in the past four months, citing weaker demand during an abnormally warm winter, Interfax reported Wednesday.

Gazprom deputy chairman Valery Golubev said the world's biggest gas producer now expected to produce 551 billion cubic meters this year, compared with the previously planned 557 bcm and down 1.6 percent from the initial forecast of 560 bcm to 561 bcm.

Gazprom in May cut its initial production plan following exceptionally warm weather and urged other gas producers, which include large oil companies and independent gas firms, to follow the move.

Golubev said the reasons for the latest cut also included weak demand and slow offtake of gas from underground storage, which now contains 63 bcm of gas instead of the planned 61.5 bcm.

"Underground gas storages are not just full, they are overfull," Golubev said.