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Norway cuts 2019 oil output forecast to reach 30-year low

by_nerijus_adomaitis
Norway cuts 2019 oil output forecast to reach 30-year low

Norway's oil output in 2019 will be smaller than previously forecast and will reach its lowest level in three decades, the Norwegian Petroleum Directorate (NPD) said on Thursday. Investment in Western Europe's largest oil producer and Europe's second-largest gas producer behind Russia surged after a decline due to the slump in oil prices in 2014 to 2016. Despite that, oil output in 2017 of 86.2 million cubic metres (mcm), or 542 million barrels, missed the 90.2 mcm forecast made a year ago, NPD said on Thursday.