On Thursday, Norway’s Minister of Petroleum and Energy Tina Bru said that the country is not planning to extend its oil output cuts following the decision of the world’s major oil producers to extend theirs.
Bru said that Norway was not considering committing deeper cuts and would stick to its previous plan.
Norway is not part of the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) but it had said that in June, its output would be cut by 250,000 bpd. For the second half of 2020, Norway would slash production by 134,000 bpd.
On Thursday, North Sea oil futures climbed to roughly USD41/barrel, more than doubling from April level.
Separately, OPEC+ had met on Thursday to assess their strategy after agreeing on June 6 to extend a record 9.7 million bpd cut through July.
