Norway may cut oil productionThe Johan Sverdrup field in the North Sea. Photo: Equinor

Norway may cut oil production

Norway is considering cutting its production of oil as a part of an international agreement, Bloomberg reports.

Later this week, the Organization of Petroleum Exporting Countries (OPEC) along with Russia and other oil-producing nations, will meet to discuss a potential production cut agreement, Bloomberg reports.

– We have a dialog with key stakeholders, including other producing countries, Norwegian Petroleum and Energy Minister Tina Bru said in an email to Bloomberg.

Other Norwegian newspapers, such as Dagens Næringsliv, have also reported that Bru and the Government is considering joining such an effort to stabilize the oil market.

– If a broad group of producers agree to cut production significantly, Norway will consider a unilateral cut if it supports our resource management and our economy, Bru continued.

The price of oil has been falling due to a combination of reduced demand due to the global Corona virus restrictions as well as increased supply from Saudi Arabia and Russia.

Norway produced approximately 1.75 million barrels a day of crude oil in February, according to Bloomberg, with production output expected to increase over the next years.

The OPEC meeting is scheduled to be held on April 9th. Asked by Bloomberg whether Norway had been invited to join next week’s meeting, the Petroleum Ministry declined to comment further.