Following the OPEC+ group’s agreement to extend a deal on record output cuts to the end of July, Norway has no plans to modify its existing plans for production cuts, the oil ministry said on Monday. Sending Brent crude price to over $43 a barrel, OPEC+ last week agreed to continue the deal by a third month to end-July to withdraw almost 10 percent of global supplies from the market.
Norway, Western Europe’s largest oil producer, is cutting output by 134,000 bpd in the second half of the year and by 250,000 bpd in June. In June, the limit for the country’s oil production was set to 1.609 million bpd. In the second half of the year, its production limit was set to 1.725 million bpd.
From 1986 to 1990, from 1998 to 2000 and in the first half of 2002, Norway has restrained its oil output several times when prices fell, always in tandem with others.
