Europe & Russia Production
Outages in Norway and the North Sea have hit European flows in December.
The FPS was closed on 11 December after a crack was detected in an onshore section during routine maintenance. Nearly 40% of the UK’s North Sea oil and gas is delivered via the FPS, which is expected to be closed for weeks and looks unlikely to come back onstream before the end of the year. The shutdown occurred during a cold snap, which helped to tighten the market.
The UK’s gas output saw modest...