Energy Ministry: Norway's Oil Output Cuts End on Dec. 31

Tuesday, December 1, 2020

Norway's oil output curbs, in place since June, are set to end on Dec. 31, the Ministry of Petroleum and Energy said on Tuesday.

"The Norwegian regulation will expire at the end of the year," the ministry said in a statement.

Following a sharp drop in crude prices in early 2020 as the coronavirus pandemic hit demand, Norway in April announced it would slash output for the final seven months of the year.

The move supported deep cuts by the OPEC+ group, which comprises the Organization of the Petroleum Exporting Countries, Russia and several other countries, but not Norway.

The group is meeting again this week to negotiate further cuts.

"Norway is not part of OPEC+ and is not invited to this meeting," the energy ministry said on Tuesday.

"The measures taken by OPEC+ and other countries during the pandemic have been crucial and successful in stabilizing the oil market to the benefit for both producers and consumers," it said. 

(Reporting by Nerijus Adomaitis, writing by Terje Solsvik, editing by Gwladys Fouche)


Categories: Energy Industry News Activity Europe Production Regulations

Related Stories

AKOFS Offshore Inks New Vessel Deal with Petrobras

Transocean Secures $184M for Drilling Rigs Operating off Norway

Two DOF Vessels Get Work in North Sea and Australia

Current News

Ndungu Full-Field Starts Up Offshore Angola

Norway's 2025 Oil Output Climbs to Highest Level Since 2009

AKOFS Offshore Inks New Vessel Deal with Petrobras

UK Trade Body Challenges Government View on North Sea Gas Decline

Subscribe for OE Digital E‑News