Norway’s crude oil production rose by 4.5% month-on-month from March to 1.78 million barrels per day (bbl/d), beating official forecasts by 1.8%, according to Reuters.
The increase in production can be attributed to the ramp-up of Equinor’s Johan Sverdup oilfield. However, monthly production forecasts for the rest of the year will reflect Norway’s oil production cuts. Output in June is now expected to be at 1.61 million barrels of oil per day (mmbbl/d), and for the rest of the year at 1.73 mmbbl/d. Furthermore, Norway will delay the startup of oil fields, including Equinor’s Martin Linge and Repsol’s Yme.
Regarding natural gas, production fell by 13% month-on-month, missing the official forecast by 3.7% and was down 10.6% from a year ago. Overall monthly gas output in April totalled 9.0 billion cubic metres (bcm).