Asia Pivot Holds

Gazprom's modest output increase becomes part of a durable reorientation away from Europe and toward China, Central Asia, and domestic Russian demand. The September 2025 Russia-China pipeline plan remains the key medium-term outlet, but near-term growth still depends on Power of Siberia volumes and Russian industrial consumption.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.