Russia Faces Gas Shortage Threat, Says Putin

Despite possessing the largest gas reserves in the world, exceeding 60 trillion cubic meters, Russia might face a gas deficit. This statement was made by Russian President Vladimir Putin during the Eastern Economic Forum in Vladivostok, as reported by The Moscow Times.

In light of the potential gas deficit, Putin suggested transitioning to coal usage, claiming its reserves would last 'nearly a thousand years'. He stated, 'All coal reserves will suffice for 900 years, which can certainly be utilized much more efficiently, with greater profitability, and in compliance with all environmental requirements.'

According to Putin, signs of a gas deficit are already visible in the Far East. Current data from the Russian Ministry of Energy indicates that Russia has 63.4 trillion cubic meters of gas reserves, which should be sufficient for 100 years of production. In 2020, the Audit Chamber estimated that Russian reserves account for 20% of the world's total, but warned that they would only last for 50 years. Additionally, the qualitative reserves of 'dry gas' (i.e., almost pure methane) are 'significantly lower than the total.'

Having lost more than half of its exports, Gazprom has decided to redirect additional gas to Russian consumers. Two years ago, during a meeting with Putin, the company's head Alexey Miller promised that the country's complete gasification would be finished by 2030. He previously stated that by 2026, 35 regions of Russia would be fully gasified.