Norway To Slash Crude Output Soon

Western Europe’s Largest Oil Producer, Norway will announce its decision soon to slash the crude output soon in line with the decision of OPECT countries, the energy ministry said on Monday.

According to Reuters, the Minister of Petroleum and Energy Tina Bru has said, “The agreement among the OPEC+ producer nations is very positive.”

She also added that Norway will make the decision regarding cutting the output soon ‘in the near future’.

According to the recent meeting of OPEC, Group of Petroleum Exporting Countries, has agreed top cut the global oil output by 9.7 million barrels per day (bpd) of the month of May and June. The 9.7 mbp makes 10% crude oil of global supply.

“This is an important contribution to help bring stability to the oil market over the coming year,”

“This is an important contribution to help bring stability to the oil market over the coming year,” Norwegian Energy Minister added.

Europe’s Oil producing country has said that it would consider cutting the oil output unilaterally to support the OPEC decision, but the country has not reveled the exact quantity of deduction.

Norway, also known as the Energy Hub of Europe, has the total crude oil output stood at 1.75 Million Barrels Per Day (mbd), including the natural gas and oil liquid production.

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