Europe & Russia: Production
A significant increase in Groningen production in April will push Dutch output – and total European supply – up year on year in Q2.
Supply from the Groningen field in the Netherlands rose by 24% year on year in April 2016, to reach 2.7 bcm. Although this is still down on April 2014’s output, it is a significant rise from 2015’s levels. Annual increases are expected to be much more modest for May and June. Production from Groningen remains restricted by the 27 bcm cap set for the 2015-2016 gas year, and output is expected to rise by around 2% year on year between May and September. The increase in production in April and the remainder of Q2 will be enough to boost total Dutch production for the quarter year on year. This will be the first quarter where there has been an annual rise in Dutch production since 2013. The increase will benefit the Dutch market, which has become increasingly reliant on imports as production levels have declined. However, because of the heavy year on year declines seen in Q1, total output from Groningen and total Dutch production is likely to fall on an annual basis in 2016.
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