Norway can cut oil production

Norway can cut oil production unilaterally if a global agreement is reached, says the country’s Oil and Energy Minister, Tina Bru.

According to the minister, the Norwegian side will consider the possibility of reducing, if the agreement is reached on a significant reduction in production.

Fluctuations in the market began on March 6, when participants of the OPEC+ meeting could not come to a single solution. Russia did not support the proposal to further reduce oil production by 1.5 mn b/s in the second quarter of 2020. After the failure of the deal, oil prices fell by 30%.