Europe’s largest oil producing nation, Norway, has no plans to further extend the record OPEC+ production cuts in July, according to Reuters.
At present, Norway is complying with the OPEC+ deal by cutting output by 250,000 barrels per day (bbl/d) in June. However, the nation will reduce the cuts by 134,000 bbl/d in H2 2020 as originally planned.
“OPEC+ has played a key role in the ongoing stabilization of the oil market. Their last decision underscores their efforts in these unprecedented times for the world economy. There is no plan to change the Norwegian regulation,” the ministry said in an email to Reuters.
OPEC+ decided to extend May and June’s record cuts to July to further aid global oil price recovery.
Previously, Mexico had also announced that it will not take part in the further cuts for July, putting more pressure on the already fractious decision. Non-compliance has been a big issue since the signing of the deal in April with countries such as Iraq, Nigeria, Angola and Kazakhstan showing poor compliance.