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SUPPLY
North Western
European oil and gas production, almost all comes from the North Sea and
Norwegian Sea. Oil production began to decline in 2000. This decline
will continue despite new initiatives to promote exploitation of
smaller, commercially marginal, fields and a surge in activity in
2007/2008.
Gas production continues to grow after a brief decline in 2007,
primarily from Norwegian waters, but total gas output is also expected
to peak within five years.
DEMAND
Oil demand growth has been reversed by higher prices, the
2008/2009 recession and the influence of environmental concerns but
imports are growing as the North Sea declines. Imports will flatten off
within a decade due to price-led demand drops.
After a flat period gas demand growth will continue, particularly for
transport fuel substitution. Imports are thus expected to progressively
increase from all the gas producing areas surrounding the region from
2010.
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