Global spare gas production capacity fell by 36% in 2017, representing only 2.3% of world consumption, according to an Oxford Institute for Energy Studies report.
The spare capacity was “really only located in Russia, with Gazprom providing the extra gas that was needed to balance rising demand, with the implication that the market was indeed very tight”, the report said.
The most flexible field in Russia was Zapolyarnoye, which swung from 3 billion cubic metres of output in May to full capacity – almost 10 bcm –...
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