Norwegian oil production cuts in June

The production cuts are contributing to a faster stabilisation of the oil market compared to letting the rebalancing take place only though market mechanisms. The decision to reduce Norwegian oil production has been made on an independent basis and with Norwegian interests at heart.

The production should be reduced by 250,000 barrels per day in June and 134,000 barrels per day in second half compared to the reference production. In addition are production from several new field developments delayed until 2021. The total Norwegian oil production will in December 2020 be 300,000 barrels per day lower than what the companies have planned for.

The actual production figures for the Norwegian Continental Shelf in June shows an oil production of 1,543,000 barrels per day. This means a cut in the Norwegian oil production in June of 316,000 barrels per day compared to the reference production. Fields that have produced less than the revised production permit in June can carry these volumes forward to second half.

The Norwegian Petroleum Directorate publish production figures monthly.  You can read the most recent here. 

Link to earlier story on production cuts