Gazprom Predict 10% Downturn

This will of course influence the company' s production. According to the company' s deputy chief executive Valery Golubev, in 2009 Gazprom is going to produce 492 billion cubic meters of gas down 12 percent from the planned 561 bcm and 10 percent down from about 550 bcm last year.

In terms of volumes, the drop would amount to 60 bcm — enough to meet the needs of a country such as France for a year and a half.

Mikhail Korchemkin from East European Gas Analysis says that it means Gazprom is being knocked back 22 years. The last time Gazprom produced such low volumes was in 1987.