Norway Joins Oil Production Cuts for First Time Since 2002
- Will cut 250,000 b/d in June, 134,000 b/d in second half
- Cuts based on higher reference production than March output
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Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices plumbed new depths.
The Nordic country will cut production by 250,000 barrels a day in June and 134,000 barrels in the second half of the year, the Petroleum and Energy Ministry said late on Wednesday. That’s based on a reference daily production of 1.86 million barrels that accounts for the giant Johan Sverdrup field’s outperformance.