Gazprom lost $6.9 billion in 2023

Gazprom recorded a loss of 6.9 billion dollars in 2023, the heaviest loss recorded by the group since the turn of the century. Sales fell by 30% last year. The fall in sales is explained by the drop in gas deliveries to Europe and by the fall in market prices for gas, even though only part of Gazprom's deliveries are sold on market terms. In 2023, Russian gas deliveries (excluding LNG) will account for only 8% of European natural gas consumption, compared with 40% in 2021, even though European gas consumption has fallen. Gazprom's oil business (Gazprom Neft) now accounts for as much as the gas business in terms of sales and is twice as profitable as the gas business was in 2022.