Europe & Russia Production
Overall declines in European production will leave the region with a growing supply/demand gap.
Although annual increases in production were seen in both Norway and the UK in April, regional production is expected to be weak over the coming months.
Norway’s output rose by roughly 2% on an annual basis in April, in contrast to the year-on-year decline seen in Q1. Norwegian production is expected to remain responsive to the market during the summer. New supply from the Gina Krog field is also expected to help support...