The weekend was OPEC and other major oil producers, together known as the OPEC+, after a lot of tug of war agreed to a historic agreement to cut production by a total of 9.7 million barrels of oil per day.
The producer countries in OPEC+ now has been agreed is very positive. It is an important contribution to the stabilisation of the oil market in the course of the next year, says oil and energy minister Tina Bru (H) in a written comment to NRK.
BACKGROUND: Why is oljetoppmøtet so important
the Agreement shall apply from 1. may, and is a concerted action to redress the large overproduction of oil and the subsequent fall in prices, as a result of koronakrisen. Produksjonskuttene is planned to be accelerated down through 2020 and 20201.
Measures in connection with the koronapandemien has reduced the world’s demand for oil dramatically, which has led to a sharp fall in prices:
Norway is considering produksjonskutt
In addition to the OPEC+countries have more oil producers in the G20 said that they are considering cuts. Bridge participated in a meeting with energiministrene in the G20 via the videolink on Friday.
the G20 supports oljekutt, but quantifies the not the cuts
the Bridge has previously said that Norway can contribute with their own produksjonskutt to help stabilize oil prices. Now she says that a decision on whether we actually should be with, is in the works:
Agreement and discussion at the G20 meeting before the weekend make sure that the important pieces in the government’s decision making is in place. We will conclude on the matter in the near future, ” says Bridge
the Norwegian oil production was in February at around 2.1 million barrels including NGL and condensate, according to figures from the Norwegian petroleum directorate.
the Last time the Uk was a cut in oil production was in 2002. At the time, production was reduced by about 100,000 barrels per day.