Norway Cheers OPEC’s Global Oil-Cuts Deal From the Sidelines
- Western Europe’s largest producer says cuts benefit the world
- OPEC secured additional supply curbs from non-members Saturday
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Norway gave public backing to OPEC’s historic deal to cut oil production in tandem with non-members, although Western Europe’s largest producer gave no indication it would reverse its previous refusal to directly collaborate with the group.
Eleven non-OPEC countries led by Russia agreed to reduce their combined production by 558,000 barrels a day starting January, adding to a 1.2 million-barrel cut by the Organization of Petroleum Exporting Countries intended to accelerate the oil market recovery. Norway, which did participate in coordinated supply curbs with OPEC in the late 1990s, declined an invitation to the talks in Vienna on Saturday that delivered the historic deal.