Norway, the largest oil producer in Western Europe, might agree to reducing crude output for the first time since 2002 if enough countries commit to the OPEC-non-OPEC deal, Norwegian Petroleum and Energy Minister Tina Bru has said
MOSCOW (Pakistan Point News / Sputnik - 06th April, 2020) Norway, the largest oil producer in Western Europe, might agree to reducing crude output for the first time since 2002 if enough countries commit to the OPEC-non-OPEC deal, Norwegian Petroleum and Energy Minister Tina Bru has said.
The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers are expected to discuss the deal's future on Thursday. Norway has not been part of the coordinated effort of market regulatory measures since 2002.
"We have a dialog with key stakeholders, including other producing countries," Bru said in an email to Bloomberg, adding that "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."
Norway is in the world's top 7 oil producers, with output reaching 1.75 million barrels per day, or close to 2 percent of global supply.
There has been no confirmation by the Norwegian Ministry of Petroleum and Oil if the country was invited to attend the OPEC+ video conference on Thursday.
The failure of OPEC+ to reach a deal on output cuts last month and the subsequent lift of all limitations since April 1 risks overwhelming the market already hit hard by the COVID-19 pandemic. The past several weeks saw supply surge and prices fall to multi-year lows, with the Brent price slightly over $33 as of Monday.
Earlier in the day, Kirill Dmitriev, the head of Russia's sovereign wealth fund, said that the OPEC+ members were "very close" to reaching a deal.
