MOSCOW, March 4 (UPI) -- Low demand for gas and drops in export prices on world markets from the global recession may force Russia's Gazprom to cut its investments, officials said.
"It's already clear we'll have to revise the production plan approved late last year," said Gazprom deputy chief Andrei Kruglov, commenting on the economic climate.
Those comments are in stark contrast to statements from Gazprom chief Alexei Miller, who said last year that markets would see $250-per-barrel oil, pushing market capitalization for Gazprom to $1 trillion. Oil, however, has settled around $40 per barrel since September amid a sagging world economy, pushing Gazprom's share price to 20 percent of its May levels.
Meanwhile, output from the energy monopoly fell in the beginning of 2009, with early March data showing declines of nearly 20 percent from the previous year, Dow Jones Newswires reports.
Gazprom suffered a $2 billion loss from a January row with Ukraine that saw disruptions to Russia's European customers.