Norway to end voluntary oil output cuts

Oil

The Norwegian Ministry of Petroleum and Energy has announced that the country’s voluntary oil production cuts will come to an end on December 31, after being introduced in June as an attempt to help balance the oil market amidst plummeting global oil demand caused by the coronavirus pandemic, Reuters report. Norway’s crude oil production increased by 126K b/d (or 8.5%) m-o-m to 1.61M b/d in October, however this remains 110K b/d (or 6.6%) below the self-imposed ceiling of 1.725M b/d, according to data from the Norwegian Petroleum Directorate released last week.