Norway May Cut Oil Production for the First Time since 2002
OREANDA-NEWS. Norway is considering a reduction in oil production. This was announced by Tina Bru, Minister of Petroleum and Energy. Authorities will take this measure if most oil companies agree with it. Norway has not reduced oil production since 2002.
“We have a dialog with key stakeholders, including other producing countries,” Petroleum and Energy Minister Tina Bru said in an email. “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 said.
Norway is not involved in oil reduction agreements. On April 9, negotiations on the OPEC+ deal are scheduled. Oslo has repeatedly refused an invitation to participate in meetings. Whether the country will negotiate this time, the minister did not specify.