Russian gas firm OAO Gazprom (GAZP.RS) has increased its daily production to over 1.02 billion cubic meters as of July 10, but output is still down 21% on the year, the Interfax news agency reported Wednesday, citing Ministry of Industry and Energy statistics.
Gazprom, the world's largest producer of natural gas, reached its lowest output rate this year on June 21, producing 891.7 mcm a day.
A fall in demand at home and in Europe has forced the company to lower production in the first half of this year. Gazprom's management has repeatedly said volumes will rise in the second half when demand will grow and prices fall. Gazprom's contract prices follow the oil price with a six- to nine-month time lag.