The Netherlands will drastically reduce production in Groningen, Europe’s biggest producing natural gas field. The Dutch Economics Ministry set the production quota, beginning on Oct. 1, 2021 at a mere 3.9 billion cubic meters – 7.35% of its 2013 output of 54 bcm. The field will be closed by the middle of 2022.
Meanwhile, Dutch natural gas futures have skyrocketed from €10.90/MWh one year ago, to €70/MWh.
One has to wonder about these exponential price increases. Obviously the cost of production has not changed very much. In other words, global financial interests, working through complicit governments, are carrying out Enron-style, sociopathic market manipulation which is destroying physical economies and, especially for lower-income strata and formerly colonial countries, it often means death by starvation.