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Gazprom Reports Loss

Gazprom Reports $7 Billion Loss as European Exports Decline

Posted on May 16, 2024
Writer: James Miller
Reviewer: Sophia Rodriguez

Gazprom, Russia’s state-owned energy giant, reported a $7 billion annual net loss, its first since 1999. 

The loss was due to a sharp decline in European gas sales amidst sanctions and geopolitical tensions. 

In 2022, Gazprom’s gas exports to Europe were 63.8 billion cubic meters (bcm), but this volume fell by 55.6% to 28.3 bcm in 2023. 

Efforts to increase sales to China face hurdles, including lower profitability compared to European markets and competition from other suppliers.

For more information on Gazprom’s financial challenges and market strategy, please refer to the full article on Yahoo Finance.

James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

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