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Russian helium demand fell by >20% in 2022 and further in H1’23

According to the Russian News Agency, TASS, Russia is poised to become one of the world's top three helium producers by 2024 but we see this as unlikely given that Amur is unlikely to restart with the backdrop of sanctions on Russia. Domestic helium consumption fell sharply in 2022 to 125mmcf (-22% y/y) mainly as a result in declines from scientific research and advertising. It fell by another 18% in H1’23. Russian helium production increased in H1’23 by 17% to 80 mmcf after weak production in 2022 from the main existing helium plant in Orenburg. Helium production in 2022 fell by 15% y/y to 140mmcf (around 2.5% of global helium supply) because of lower production from Orenburg, where production has been in decline since 2018.

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