Norway’s government has released the official production figures for the Norwegian Continental Shelf in July, showing a 120,000 barrels of oil per day (bbl/d) reduction compared to the reference production, according to a press release.
The production figures for the Norwegian Continental Shelf in July stood at 1.739 million barrels per day (mmbbl/d), a figure that is 52,000 bbl/d lower than the level Norway committed to in the Organization of the Petroleum Exporting Countries and its allies (OPEC+) regulation period.
In comparison, June’s production figures showed an oil production cut of 1.543 mmbbl/d. This means that the cut in the Norwegian oil production in June was 316,000 bbl/d compared to the reference production, or 66,000 barrels more than the announced cuts.
However, there was some controversy involving Norway whereby it refused to further extend the record OPEC+ production cuts in July. Norway announced it would comply with the original OPEC+ deal which stipulated that the country must cut its production by 134,000 bbl/d in H2 2020.