Norway cuts oil production

Oil priceOil. Photo: Pixabay

Norway will cut oil production by 250,000 barrels daily in June and by 134,000 barrels per day in the second half of the year.

– “The total Norwegian production in December 2020 will be 300,000 barrels per day lower than the companies have planned. The regulation will end by the end of the year,” says Oil and Energy Minister Tina Bru (H) on Wednesday night.

In addition, the start of production in several fields will be delayed until 2021.

The reason for the cut is that the Coronavirus pandemic and extensive infection control measures in large parts of the world have major consequences for economic activity and thus also the demand for oil.

– “We have previously said that we will consider a cut in Norway if several large producer countries cut sufficiently. The government’s decision to cut Norwegian oil production was made on an independent basis and to safeguard Norwegian interests,” Bru says in a press release.

© NTB Scanpix / #Norway Today

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