-The Norwegian oil policy has as one objective to contribute to a stable oil market. There seems to be a need for more oil in the market. The Government has therefore decided not to continue the production regulation in the third quarter. In my opinion this will lead to more stable oil prices, says Minister of Petroleum and Energy, Olav Akselsen.

The oil market situation has improved considerably since OPEC and other oil producing countries, among them Norway and Mexico, implemented the production restraints. The oil prices are high today. They represent partly a tighter market with lower stocks.

The oil demand is seasonal, with high demand during winter. In summer the demand usually declines. Nevertheless, to allow stocks to build and avoid too tight an oil market, it is necessary to increase the production.

As of 1 July, there will be no market-related restraints on the oil production on the Norwegian Continental Shelf.

Norway continuously evaluates the developments in the oil market, and keeps in contact with other major producing countries. The Government will consider regulating the oil production again, if this is necessitated by the market situation.