According to a new analysis released by Russian energy giant Gazprom, Russia is poised to become the third-largest producer of liquified natural gas (LNG) in the world.

The biggest energy producer in Russia said it expects that there will be significant increases in supper-chilled LNG output in the US, Qatar, and Russia, while Australia appears poised to see a decrease in its production output of LNG.

In its statement, the company said, “As a result, Russia could become one of the three biggest LNG producers in the world.”  The statement was released following a meeting of the board of directors which reviewed prospects for the energy sector in global shale gas and LNG.

Gazprom noted that there was already a 2% increase in the global LNG market over the first three quarters of 2023.

The firm pointed out that due to weakening economic and industrial activity, it is expected that Europe will diminish the amount of LNG it imports as its demand and consumption decline.

However that reduction in global demand will be offset by increases in demand over the long term in China, India, and the nations of Southeast Asia, as their economies grow and expand and the demand for LNG to power their growing economies surges.

Gazprom said any current decreases seen in global consumption of LNG were the result of low levels of fulfillment of supply contract obligations.

The company said, “The global market continues to record cases of failure by LNG suppliers and producers to fulfil obligations under long-term contracts.” It added it was primarily the disreputable actions of energy companies from the US and Europe which were negatively impacting the reliability of gas supplies to consumers.