Oil production higher than expected

Bookmark and Share

Norway’s state oil directorate reported that 1.4 million barrels of oil were produced on the Norwegian Continental Shelf in June. The total production was lower than last June but higher than expected.

The directorate (Oljedirektoratet) reported that production was 8 percent less than in June of 2015, but 6 percent higher than its own prognosis. Production of oil, natural gas and condensate was down by around 140,000 barrels compared with last year’s level.

The drop in oil prices has led to lower production and much lower levels of activity within the oil and gas sector. Oil has been trading at less than USD 50 per barrel this week, down from more than USD 100 two years ago.

newsinenglish.no staff