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Crude Oil January 11, 2019 12:30:10 AM

Norway Cuts 2019 Oil and Gas Output Forecasts

Anil
Mathews
OilMonster Author
However, last year's oil output of 86.2 million cubic metres (mcm), or 542 million barrels, missed the 90.2 mcm forecast made a year ago.
Norway Cuts 2019 Oil and Gas Output Forecasts

OILMONSTER.COM- Norway's 2019 oil and gas output will be smaller than previously forecast and reach its lowest level in three decades, the Norwegian Petroleum Directorate (NPD) said on Thursday.

Western Europe's largest oil producer and Europe's second-largest gas producer behind Russia has increased production since a slump brought about by the 2014-17 slide in crude oil prices.

However, last year's oil output of 86.2 million cubic metres (mcm), or 542 million barrels, missed the 90.2 mcm forecast made a year ago, the regulator said on Thursday, adding that 2019 output is likely to be 82.2 mcm, agains a previous forecast of 87.2 mcm.

Norway's gas production last year stood at 119.3 billion cubic metres (bcm), missing a 121.2 bcm forecast. In 2019 it is expected to rise slightly to 119.5 bcm, below a previous forecast of 121.4 bcm. 

Courtesy: www.economictimes.com

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