Sunday, 05 Apr 2020 07:11 AM MYT
Opec and its allies are working on a deal for an oil output cut equivalent to about 10 per cent of world supply in what member states expect will be an unprecedented global effort including the United States.Oil prices have shed two thirds of their value in the first quarter of the year, pummelled by a drop in demand due to coronavirus lockdowns and after Russia and Saudi Arabia failed to agree on further output cuts.
She said Norway had been in a dialogue with other oil producing countries, without elaborating on a potential size of the output cut. Norway's crude oil production stood at 1.75 million barrels per day in February, up 26 per cernt from a year ago thanks to the ramp-up of state-controlled Equinor's giant Johan Sverdrup oilfield.
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