Norway’s crude oil production falls below June target
Norway’s crude oil output decreased by 210K b/d m-o-m to 1.54M b/d in June, which is 70K b/d (or 4.1%) lower than the production target of 1.61M b/d set by the Norwegian government at the end of April, according to data from the Norwegian Petroleum Directorate. This production target includes the voluntary 250K b/d oil production cut which was announced for June as an attempt to help balance the global oil market in alliance with OPEC+ cuts. These cuts will reduce to 134K b/d from July through to the end of the year.
Year-on-year, Norway’s oil production has increased by 490K b/d (or 45.8%) however, following the beginning of production from the Johan Sverdrup oilfield in October 2019, Reuters report.