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Commodities

Norway's June crude oil output falls more than expected

OSLO (Reuters) - Norway’s June crude oil output fell more than expected from May while natural gas production rose less than expected, the Norwegian Petroleum Directorate said on Friday.

Crude oil output fell 12% to 1.54 million barrels per day (bpd) which was 4.1% below the official forecast which corresponded to a production cap of 1.61 million bpd set by the government.

The total production quota is spread across various oil fields on the Norwegian continental shelf.

“The fields that produced less than the quota set for June can add these volumes to their production quota in the second half of the year,” the oil and energy ministry said in separate statement on Friday.

Crude oil output year on year, however, was up 45.8% due to the ramp-up of Norway’s giant Johan Sverdrup oilfield, which started production last October.

Natural gas output rose 5.9% month on month to 279.7 million cubic metres (mcm) per day, 10% below the official forecast and its year-ago level.

Norway is Europe’s second largest natural gas supplier after Russia and produces about 2% of the world’s crude oil.

Reporting by Nerijus Adomaitis and Victoria Klesty; editing by Jason Neely

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