MOSCOW, October 10. /TASS/. Russian pipeline gas supplies to the European Union may fall by 65% year on year as of the end of 2023 to 20 - 25 billion cubic meters (bcm), the International Energy Agency (IEA) says in its gas market report.

"The future of Russian piped gas deliveries to the Europe Union is a key uncertainty in our forecast. They more than halved in 2022, dropping from almost 140 bcm in 2021 to just above 60 bcm. Considering current flow profiles, Russian piped gas deliveries are set to decline by around 65% in 2023 to within a range of 20-25 bcm," IEA predicts.

The Agency assumes at the same time that the Russia’s gas transit contract with Ukraine will not be extended after 2024 and Russian pipeline gas will be fed to the EU over a TurkStream gas pipeline string (15.75 bcm per year) from 2025.

"While short-term capacity booking options might continue to be available along the Ukrainian transit route for European importers of Russian piped gas, this upside potential is not included in our baseline forecast," IEA noted.

Russian pipeline gas supplies to the EU declined by almost 70% or by 38 bcm year on year over nine months of 2023, the Agency added.