Dutch parliament calls for further Groningen production cut

Julie Fisher

06-Oct-2015

The Dutch parliament voted for a further cut production at the Groningen natural gas field on Tuesday afternoon.

A motion calling for the Cabinet to “substantially lower” production from Groningen next year, due to concerns over earth tremors stemming from the extraction process, was approved by 95 votes to 50.

The annual production cap for the 2015 Gas Year (October-September) had previously been set at 33 billion cubic metres (bcm). For the 2015 calendar year, the ceiling was lowered to 30bcm from the original 42.5bcm limit.

This boosted prices at European hubs on Tuesday, but one trader said they expected gains to be short-lived as the reduction in supply could be covered by other sources.

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