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Friday, 29 May 2020

Norway may slash oil output if top producers also cut: Minister

Reuters , Saturday 4 Apr 2020
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Western Europe's largest oil and gas producer Norway said on Saturday it would consider cuts to its oil output if a wide global deal is agreed.

"If a broad group of producers agree to cut production significantly, Norway will consider a unilateral cut if it supports our resource management and our economy," Norwegian Oil and Energy Minister Tina Bru said in an email to Reuters.

She said Norway had been in a dialogue with other oil producing countries, without elaborating on a potential size of the output cut.

The country, which meets about 2% of global oil demand, restrained its oil output several times before, including in 1990, 1998 and for the last time in 2002, always in tandem with others when prices fell.

Its crude oil production stood at 1.75 million barrels per day in February, up 26% from a year ago thanks to the ramp-up of Equinor's giant Johan Sverdrup oilfield.

Other companies producing oil off Norway include Aker BP , ConocoPhillips, Lundin Energy, Eni's subsidiary Vaar Energi, Shell, Total , OKEA and DNO. 

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