Norway Will Not Extend Oil Production Cuts – E24

This is confirmed by the Ministry of Oil and Energy in an email. Reuters covered the case first.

– Norwegian regulation will cease at the end of the year, the statement said.

In April, the ministry announced that cuts were made in Norwegian oil production of 250,000 barrels per day in June and 134,000 barrels per day in the second half of the year. There have been no plans for cuts after the New Year.

The cut came after the OPEC oil cartel, led by Saudi Arabia, and partner countries like Russia (OPEC +) earlier in the same month agreed to cut production by 10 million barrels a day starting May 1.

The Ministry of Oil and Energy highlights that the measures taken by OPEC + and other countries through the pandemic have been important, and have managed to stabilize the oil market for the benefit of both producers and clients.

The news that Norway will not continue to cut oil production comes at the same time that OPEC and partner countries are negotiating to continue production cuts until 2021.

According to the plan, OPEC + was to continue talks on Tuesday, but this was postponed until Thursday to give the parties more time. This has been suggested by some experts to indicate disagreement between partner countries.