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In the first quarter of 2016, the price of Russian gas supplied to Germany, fell 50.2% compared to the same period of 2015 – to 167,6 dollars per 1,000 cubic meters, write “Vedomosti”, citing data from the International monetary Fund. The average contract prices in March fell by 14.6% compared to February and amounted to 147.2 dollars per 1,000 cubic meters. However, the cost of gas for Russian consumers, paradoxically, remained the same.
In the Ministry of economic development the main factor contributing to the ongoing decline in contract prices for Russian gas on the European market called the fall in oil prices last year. The Ministry reminded that the price of gas is tied to them with a lag of 6-9 months. The average price of oil for January-March 2016 was 31.8 per barrel (52.8 per dollar for the same period in 2015).
Due to high cost and unfavorable situation in the economy domestic consumption of gas fell by 0.2% to this figure should be 142.2 billion cubic m. “Gazprom” in January-March was forced to reduce gas production by 1.1% yoy to 115 billion cubic meters.
