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Norway Not Cutting Oil Output

Norway Not Cutting Oil OutputNorway Not Cutting Oil Output

Norway is not planning to introduce any changes to its oil production levels despite low prices in the global market, a communication adviser with the Norwegian Ministry of Petroleum and Energy told Sputnik on Tuesday. Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20. "Norway does not plan any oil production measures," the communication adviser said. The continued downturn has been attributed to prolonged global oversupply and low demand, as well as the unwillingness of oil-producing countries to cut output out of fear of losing market share. OPEC’s leading producer, Saudi Arabia, has maintained its high rates of production, rejecting the existence of an agreement among oil producing countries to cut production by 5%. An official of the ministry noted that Norway will not participate in the meetings of  OPEC and non-OPEC states on oil production measures.

 

Financialtribune.com