Europe & Russia: Production
Norwegian production has seen further declines in September.
Norway’s gas output fell by 32% on an annual basis in September, the fourth consecutive month of year-on-year declines. This is expected to drag down the country’s production levels in H2. Total production over the first nine months of 2016 was broadly flat year on year. Norwegian output may decline in 2017, with Norway’s government forecasting a drop of around 3% on an annual basis. This could support some tightening of the market in Europe next year.