Norway in August reduced the production of oil, condensate and broad fraction of light hydrocarbons (NGL) by 2% – to 2.019 million barrels per day compared to 2.061 million barrels per day in the previous month, according to preliminary data from the Norwegian Petroleum Directorate (NPD).
Meanwhile, the jump in production compared to August 2019 was 21.4%.
Natural gas production last month amounted to 8.89 billion cubic meters, a decrease of 6.2% compared to July. At the same time, the indicator turned out to be below expectations for NPD of 9.25 billion cubic meters.
Oil production in August averaged 1.722 million bpd, which is 0.9% less than in July. The NDP forecast 1.725 million bpd. Compared to August 2019, production has skyrocketed by 26%.
The report notes that at the end of April, Norway decided to cut production in the second half of 2020, joining the OPEC ++ agreements, including by 134 thousand bpd in August.
The total volume of hydrocarbon production in Norway in January-August, according to preliminary calculations, amounted to about 153.6 million cubic meters of oil equivalent, including 66.1 million cubic meters of oil and 75.1 million cubic meters of natural gas. Aggregate production increased by 9.8 million cubic meters compared to the same period in 2019.