Norway’s oil output will grow by 43% from 2019 to 2024 as new fields come on stream and older production facilities are upgraded, forecasts from the Norwegian Petroleum Directorate (NPD) show. The numbers show a revival for Norwegian crude production, which last year fell to its lowest since 1989 as older fields gradually depleted their reserves. By 2023, combined output of oil and gas is expected to reach close to the record level seen in 2004, the agency said, although gas would have a greater share than before. Production growth in Norway, alongside steep output gains in the United States and Brazil, will add pressure on oil prices in a market which is already perceived as oversupplied. OPEC has been curbing output since 2017 to balance the market, but oil prices have failed to go above $70 per barrel even though U.S. sanctions on Iran and Venezuela have steeply cut exports from those nations.
- Reuters -