Norway's oil output curbs, in place since June, are set to end on Dec. 31, the Ministry of Petroleum and Energy said on Dec. 1.
"The Norwegian regulation will expire at the end of the year," the ministry said in a statement.
Following a sharp drop in crude prices in early 2020 as the coronavirus pandemic hit demand, Norway in April announced it would slash output for the final seven months of the year.
The move supported deep cuts by the OPEC+ group, which comprises OPEC, Russia and several other countries, but not Norway.
The group is meeting again this week to negotiate further cuts.
"Norway in not part of OPEC+ and is not invited to this meeting," the energy ministry said on Dec. 1.
"The measures taken by OPEC+ and other countries during the pandemic have been crucial and successful in stabilizing the oil market to the benefit for both producers and consumers," it said.
Recommended Reading
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.