Europe & Russia Production

Europe’s gas output has declined and is expected to be weak over the summer peak.

Norwegian production fell by 4.2% on an annual basis in April, to 10.4 bcm, according to national data, International Energy Agency figures and GGA estimates. The country produced 33.4 bcm in Q1 2018 compared with 33.6 bcm in Q1 2017. Norway’s output is not expected to decline significantly during 2018 as a whole, although further year-on-year reductions in output are anticipated over the summer. Stock rebuilds will continue to support Europe’s...