Norway announces crude production cuts

Oil

Norway’s petroleum and energy ministry has announced cuts to oil production of 250K b/d in June, and then 134K b/d for the second half of 2020 as an attempt to help stabilise the oil market alongside wider OPEC+ production cuts. The cuts are based on production in October 2018 of 1.86M b/d and will be fairly distributed between oil fields on the Norwegian Continental Shelf. Several oil fields due to start production in 2020 have also had operations pushed back to 2021, with the Yme, Martin Linge, Njord, Hyme, Bauge and Tor fields being affected.