In January 2017 I wrote a long blog post on the prospect of Russia potentially having to import LNG within a decade or so. Sure this got me some chuckles but I would beg to differ. ever since I joined the gas business almost 2 decades ago I had been told that the Russian mega fields Urengoy and Yamburg were to deplete in 2022 and 2024 respectively. Sure, Russia has developed some fields in Yamal to replace that gas but this gas is very expensive as opposed to the free gas they get from the old fields. Europes gas equation will change drastically over the next 10 years.
Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity.