Europe’s weakening gas production will increase the region’s supply/demand gap over the coming months, even if its consumption growth slows.
Europe’s gas production is expected to decline by around 2% year on year over the first half of 2017. After two years of record output, Norwegian supplies are likely to fall on an annual basis in 2017. Norwegian production reached 117 bcm in 2016 according to national statistics, broadly similar to the record-breaking output seen in 2015. However, these levels of supply are not sustainable due to both technical and reserve issues; output could drop to around 114 bcm in 2017.
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