Natural gas exports of Russian energy giant Gazprom increased year-over-year by 10.4% to 158.8 billion cubic meters (bcm) between January and October, according to the company's latest data released Monday.

Gazprom's production also rose by 15.8% to 422.6 bcm during the same period, the data showed.

Gas exports to Former Soviet Union (FSU) countries increased by 10.4% to 158.8 billion cubic meters.

The company's natural gas exports to Turkey soared by 110.4% in the first ten months of the year, while exports to Germany increased by 23.4%, by 272.2% to Romania and by 101.7% to Serbia.

According to Gas Infrastructure Europe, there are 18.2 billion cubic meters of fewer reserves in European underground gas storage (USG) facilities as of Oct. 30 relative to last year, while inventories in Ukraine’s UGS facilities are 10.1 billion cubic meters less than in 2020.

Oil and gas exports make up about 40% of the federal budget in Russia.

Gazprom's natural gas export revenue declined to $25.2 billion in 2020, down 39.6% compared to the previous year./aa