If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too

Terje Solsvik
Friday, April 10, 2020
Norway's Minister of Petroleum and Energy Tina Bru - Credit OED - NTB Scanpix

Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.

Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's G20 video conference to discuss the situation in the energy market after demand and prices were hammered by the coronavirus crisis.

Non-OPEC Norway's crude output stood at 1.75 million bpd in February, up 26% from a year earlier. Including condensate and natural gas liquids (NGL), the oil liquids production was 2.1 million bpd.

At the G20 meeting, Saudi Arabia, Russia and their allies will press Mexico to join an accord for production cuts equivalent to 10% of global supplies and will push the United States and other producers to remove a further 5%.

The plans for the OPEC+ cuts were hammered out in marathon talks on Thursday, but stumbled when Mexico refused to sign up.

Bru said last week Norway would consider reducing output if a global deal to curb supply was agreed by major producers, but said any cut would be unilateral and not part of a formal pact.

"Assuming the deal between the OPEC+ nations is implemented, there would be a basis for Norway to consider such a unilateral cut. In this context today's G20 ministerial meeting is also important," the ministry said in a statement on Friday. 

(Reporting by Terje Solsvik; Editing by Susan Fenton and Edmund Blair)

Date: 10/04/2020 08:52

Categories: Middle East Offshore Energy Russia Industry News Activity Europe Oil Production Saudi Arabia

Related Stories

Germany’s SEFE Inks Three-Year LNG Supply Deal with ADNOC

Germany’s SEFE Inks Three-Year LNG Supply Deal with ADNOC

TGS to Provide Tech Set to Optimize Northern Lights CCS Operations

TGS to Provide Tech Set to Optimize Northern Lights CCS Operations

JDR to Test Cables on Middle Eastern Offshore Platforms for L&T

JDR to Test Cables on Middle Eastern Offshore Platforms for L&T

Current News

Iberdrola Picks Up $4.9B to Finance 1.4GW UK Offshore Wind Farm

Perenco Brings Woodside’s Trinidad Oil and Gas Assets Into Its Fold

Vallourec Brings CNOOC, Petrochina as New Clients in Iraq

Germany’s SEFE Inks Three-Year LNG Supply Deal with ADNOC

Subscribe for OE Digital E‑News

Offshore Engineer Magazine