Wednesday, July 8, 2020

Norway will cut oil production in the second half of the year

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Oil field in the North Sea

Norway, like the Opec plus countries, now wants to cut its production volume.

(Photo: dpa)

Oslo Norway, the largest oil producer in Western Europe, will significantly reduce its production from June to December 2020. “We will cut Norwegian production by 250,000 barrels a day (bpd) in June and 134,000 barrels a day in the second half of 2020. In addition, the commissioning of several fields will be delayed until 2021, ”said Oil Minister Tina Bru on Wednesday. “The total Norwegian production in December 2020 will be 300,000 barrels less per day than originally planned by the companies,” she added.

The Norwegian cuts assume a reference point of 1.859 million bpd. The upper limit of production in June is 1.609 million bpd, while production will be capped at 1.725 million bpd in the second half of the year, the ministry said. “The cut will include oil production on the Norwegian continental shelf and be fairly distributed across the fields and thus among companies,” Bru said in a statement.

The OPEC-plus group, consisting of the organization of the oil-exporting countries, Russia and other countries, agreed earlier this month to cut production in May and June by 9.7 million bpd or about ten percent of the world’s supply. The deal also urged producers outside OPEC plus such as the United States, Canada, Brazil and Norway to cut production by another five million bpd.

More: Oil giant BP slips deep into the red.

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