Norway adjusts its oil production to support oil market stability

Vienna, Austria, 30 April 2020--Norway has announced its plans to voluntarily adjust its production of crude oil to accelerate the stabilisation process in the global oil market, in light of the outbreak of COVID-19 and its impact on the global economy and oil demand.

Tina Bru, Minister of Petroleum and Energy of Norway, said: “We are currently facing an unprecedented situation in the oil market. Both producers and consumers benefit from a stable market. We have previously stated that we will consider a cut in Norwegian production if several big producing countries implement significant cuts. The decision by the Norwegian Government to reduce Norwegian oil production has been made on an independent basis.”

The Minister added: “We will cut Norwegian production by 250,000 barrels per day in June and by 134,000 barrels per day in the second half of 2020. In addition, the start-up of production of several fields will be delayed until 2021. Consequently, the total Norwegian production in December 2020 will be 300,000 barrels less per day than originally planned by the companies. The regulation will cease by the end of the year.”

Norway is not a Member of OPEC or the Declaration of Cooperation of 23 oil producing countries.

Link to the statement of Norway’s Ministry of Petroleum and Energy: