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    Norway Not Considering Cuts in Oil Production Amid Low Prices

    © AFP 2017/ PIERRE-HENRY DESHAYES
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    Norway does not plan any oil production measures, accordding to a communication adviser with the Norwegian Ministry of Petroleum and Energy.

    MOSCOW (Sputnik), Alexander Mosesov — Norway is not planning to introduce any changes to its oil production levels despite low prices in the global market, a communication adviser with the Norwegian Ministry of Petroleum and Energy told Sputnik on Tuesday.

    Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20.

    "Norway does not plan any [oil] production measures," the communication adviser said.

    The continued downturn has been attributed to prolonged global oversupply and low demand, as well as the unwillingness of oil-producing countries to cut output out of fear of losing market share.

    OPEC’s leading producer, Saudi Arabia, has maintained its high rates of production, rejecting the existence of an agreement among oil producing countries to cut production by five percent.

    Also an official of the Norwegian Ministry of Petroleum and Energy noted that Norway will not participate in the meetings of Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC states on oil production measures.

    On Monday, Russian Energy Minister Alexander Novak and Venezuela's Oil Minister Eulogio Del Pino discussed the possibility of holding oil consultations with OPEC member states and non-cartel countries.

    "The Norwegian Ministry of Petroleum and Energy does not participate in talks [with the countries] proposing such a meeting," the communication adviser said.

    Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20. The drop in prices has been attributed to a prolonged global oversupply and low demand, as well as the unwillingness of oil-producing countries to cut output out of fear of losing market share.

    As of 2014, Norway, a non-OPEC state and one of the so-called North sea oil states, was producing about 1.9 million of barrels of oil per day, more than such OPEC members as Angola, Algeria, Ecuador, Indonesia and Libya.

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    oil prices, oil production, OPEC, Norwegian Ministry of Petroleum, Norway
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