Norway To Slash Oil Output By 250,000 Bpd

Norway said that it would reduce its crude oil production by 250,000 bpd in June, and then maintain a 134,000-bpd lower rate of production for the rest of 2020, the Ministry of Petroleum and Energy said in a statement. “We are currently facing an unprecedented situation in the oil market. Both producers and consumers benefit from a stable market,” Petroleum Minister Tina Bru said. “We have previously stated that we will consider a cut in Norwegian production if several big producing countries implement significant cuts. The…