Gazprom Sees Gas Output at 480 bcm

Russia's top gas producer Gazprom expects its natural gas output to reach 480 billion cubic metres in 2016 after it fell to an all-time low of 418.5 bcm last year, Interfax cited a company presentation on Saturday.

It also said Gazprom expected the average gas price for Europe to be at $199 per 1,000 cubic metres in 2016, but said that it could sink as low as $169 in the worst case scenario.

Gazprom will hold meetings with investors in New York and London next week.

(Reporting by Vladimir Soldatkin; Editing by Raissa Kasolowsky)