Europe & Russia: Production
Norway’s production rose in June, but it was not enough to increase the country’s output in H1.
Norwegian gas production increased by 5.4% on an annual basis in June, but declines earlier in the year meant the country’s overall production was broadly flat during H1 2017 compared with H1 2016. Flows from Norway are generally responsive to the market and are expected to continue to be over the latter half of the year. However, with European gas demand expected to be weak, Norway’s output is likely to continue to be lacklustre during the second half of 2017.