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Norway to decide whether to cut oil output

Norway to decide whether to cut oil output

Norway's oil minister reiterated that Western Europe's largest oil producer was soon to decide whether to slash its production after the OPEC+ alliance decided on historic curbs.

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Brent's crude front-month contract fell Tuesday to $18.10 a barrel, its lowest since December 2001, after the U.S. May futures fell Monday to minus $40 a barrel because of worries about the effect of the novel coronavirus pandemic on demand for gasoline.

OPEC+ and its allies account for approximately 10 per cent of global supplies. 

However, with economies practically at a standstill due to lockdowns of coronavirus, demand has plummeted by as much as 30%. 

Bru met with members of the Norwegian oil industry after conducting a video conference call jointly with Prime Minister Erna Solberg.

Solberg said the government is looking at potential steps to support the oil sector, Norway's largest industry, reeling from the twin shocks of low crude prices and the pandemic COVID-19. 

"We will come back to it before the revised budget," she stated, due in May. She has not provided details about what interventions could be considered.

Maritime Business World 

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