Gas producers to cut production.

Natural gas producers are teetering on the fourth consecutive winter of low demand and prices, but relief could be at hand, analysts said Monday. Even though North American storage inventories are marginally lower than they were at this time last year, ConocoPhillips CEO Jim Mulva told an oil and gas conference in Houston that his company is shutting onshore natural gas production in Canada and the United States while it awaits higher prices. Natural Resources Minister Nathalie Normandeau announced Monday a moratorium on exploration and development of the oil and gas potential of the St. Lawrence estuary, from Île d'Orléans to Anticosti Island, following a strategic environmental evaluation. China and Russia signed a string of agreements to boost their new energy partnership, although finalization of a long-awaited gas-supply pact remained out of reach.

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Tags:

• Natural gas producers
• low demand
• North American
• Conoco Phillips
• Jim Mulva
• oil and gas conference
• onshore natural gas
• production in Canada
• United States
• Natural Resources
• Nathalie Normandeau
• moratorium on exploration
• Île d'Orléans
• Anticosti Island
• development of hydrocarbons
• marine environment
• Rivière du Loup
• China and Russia
• gas-supply
• Russian President
• Dmitry Medvedev
• Hu Jintao
• renewable energy
• nuclear power