Germany’s Wintershall Dea has posted a boost in production for last year but has cut its capital expenditure budget for the year ahead as energy markets face growing supply and demand uncertainty.

The first year of Wintershall Dea following the merger saw the company produce 642,000 barrels of oil equivalent per day in 2019, which is 9% more gas and oil than Wintershall and Dea’s combined total in 2018 which stood at 589,000 boepd.