Norway willing to cut oil output

Norway, Western Europe's largest oil producer, said, on Saturday, the country was still considering cutting oil production if the OPEC+ group implemented its plan.

"How any potential output cut will be carried out by Norway, and the size of it, we will have to come back to," Minister of Petroleum and Energy Tina Bru said in an emailed statement to Reuters.

Norway's crude output stood at 1.75 million bpd in February, up 26% from a year ago. Including condensate and natural gas liquids (NGL), oil liquids production was 2.1 million bpd.

Norway has restrained its oil output several times in 1986-1990 and again in 1998-2000 and the first half of 2002, always in tandem with others when prices fell.

The country's annual crude oil production peaked at 3.1 million bpd in 2000 before slipping to a 30-year low of 1.4 million bpd in 2019.

The government forecasts a rebound for crude to above 2 million bpd by 2024, however, not counting NGL or condensate, as significant new fields come on stream, and Norway has also seen a surge in gas production over the last two decades.

On April 9, the OPEC and non-OPEC oil-producing countries participating in the Declaration of Cooperation reaffirmed their continued commitment in the Declaration of Cooperation to achieve and sustain a stable oil market, the mutual interest of producing nations, the efficient, economical, and secure supply to consumers and a fair return on invested capital.

A statement released by OPEC following the meeting outlined details of the cuts but notes the measures were "agreed by all the OPEC and non-OPEC oil-producing countries participating in the Declaration of Cooperation, except Mexico, and as a result, the agreement is conditional on the consent of Mexico."

OPEC said in a statement that the initial 10 million barrels per day cut would last in May and June, before tapering to 8 million barrels per day for the rest of the year. Beginning in January 2021, the reductions would decrease to 6 million barrels per day, which would continue through April 2022, according to the statement.