Russian natural gas monopoly Gazprom is set to break the record for annual exports to countries outside the Commonwealth of Independent States (former Soviet Union countries) and exceed 170 billion cubic meters.

"Exports to the European market has been steadily growing this year. You know the current record of 160 billion cubic meters of gas was set last year. In the eleven months in 2016, Gazprom has exported more than 160 billion cubic meters. In December, the company can deliver at least 10 billion cubic meters and gas exports will exceed 170 billion cubic meters. This is an absolute record," said the president of the Russian gas society Pavel Zavalny.

Gazprom has said it plans to deliver at least 165 billion cubic meters of gas this year.

On November 25, the company set a new record of daily exports to Europe - 601.2 million cubic meters of gas.

According to Gazprom, from January through October the company pumped 10 percent more gas than in the same period last year.

Gazprom has to compete with the rapidly growing liquefied natural gas (LNG) market. In November, the United States became a net exporter of gas for the first time in 60 years.

Company CEO Aleksey Miller said Europeans still prefer traditional gas exports and Russia’s Nord Stream pipeline to Europe saw a load increase despite limitations from regulators, RT writes.