icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Norway says 'no way' to cutting crude output

Norway says 'no way' to cutting crude output
Western Europe’s biggest oil producer Norway has no plans to cut crude production, according to the country's Ministry of Petroleum and Energy. The measures would have no effect on the crude market, as the country doesn’t produce enough oil.

“Norway is not aiming to take steps towards output regulation,” a ministry official told the country's largest business newspaper Dagens Næringsliv.

The last time Oslo considered cutting output was in 1998, when oil price plunged to $10 per barrel.

The price of Brent crude surged eight percent up to $35 a barrel on Thursday after Russian Energy Minister Aleksandr Novak said Moscow is open for talks with members of the Organization of the Petroleum Exporting Countries (OPEC) to coordinate oil output policy. Saudi Arabia says OPEC has no meeting planned with Russia.

READ MORE: Russia, OPEC hint at oil production cuts

Earlier this year the analysis published by Dagens Næringsliv showed Norway could lose two-thirds of its estimated oil wealth if crude prices stay at current low levels.

Brent crude was trading at $33.66 per barrel, and US benchmark West Texas Intermediate stood at $34.43 as of 9:30am GMT Friday.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.