Western Europe’s Biggest Oil Producer Has a Surprise for Markets

That’s likely to continue as oil companies boost efficiency and pump at full pace as revenue dwindles. Companies, led by state-controlled Statoil ASA, which operates about 70% of the fields, have slashed investments and sought to increase efficiency to combat a rout that has left oil prices 60% lower than two years ago. Crude production in the country has exceeded the Norwegian Petroleum Directorate’s forecasts each month since July 2014, while gas output has missed expectations in only three months over that time. The amount of oil pumped in the first six months of 2016 was 2.8% higher than expected. If oil production continued to exceed at the same pace for the remainder of the year, it would rise to 91.5 million cubic meters from 90.8 million cubic meters in 2015. (Bloomberg)



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