WORLD OIL | In the first half of 2020, activity on the Norwegian shelf has been characterized by the coronavirus situation with restrictions on activity, a drop in demand and a declining oil price.
This spring, based on the extraordinary situation in the oil market, the Norwegian government decided to cut oil production as of June and through the rest of the year to contribute toward more rapid stabilization of the oil market than what the market mechanism alone would have ensured.
"There is still a basis for high, long-term value creation on the Norwegian shelf. The political decisions have helped stabilize an extraordinary and demanding situation. The temporary change will contribute to a continued high activity level, on par with what we forecasted before the pandemic and the drop in the oil price," Director General Ingrid Sølvberg says.
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