MOSCOW, 30 Jul – RIA Novosti. The Ministry of petroleum and energy of Norway, said that the country will cut oil production from June to December 2020, reports Reuters.
“Consequently, total production Norway in December 2020 will be 300 thousand barrels per day less than originally planned by the company. This regulation will cease by the end of this year”, – said the Minister.
Norway is in the top 7 of world’s largest oil exporters. According to the European Commission, the oil and gas sector accounted for about 18% of the country’s GDP and 62% of exports in 2018.
OPEC agree on 12 April on the reduction of oil production to 9.7 million barrels per day in may-June, 7.7 million in the second half of the year and 5.8 million next until the end of April 2022. Base count taken October 2018, but for Russia and Saudi Arabia taken 11 million barrels per day, from which by analogy with all is a decrease of 23%, 18% and 14% respectively. On individual terms insisted and Mexico: it reduces production of only 100 thousand barrels per day in may and June, the other 300 thousand for it please contract US.
a Number of major producers outside OPEC+, including USA, Canada, Indonesia, Norway and Brazil, “voluntarily” will cut production by 4-5 million barrels a day, reported the Ministry of energy of Azerbaijan.
