The need for a stable world oil market

The following statement was made by Tord André Lien in December last year, when he was Norway’s Minister of Petroleum and Energy. In it he stresses the need for a stable oil market and pledges support for OPEC and the Organization’s decision to reduce oil production in support of sustainable market stability. OPEC decided to adjust its production by 1.2 mb/d from 1 January 2017 for a period of six months. It was subsequently joined by a group of non-OPEC producers who have committed to a reduction of around 600,000 b/d.

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