Norway Will Not Extend Production Cuts
Norway's Oil and Energy Ministry has stated that it will not extend oil production cuts past the first half of this year. In an effort to bolster flagging oil prices last year, OPEC and non-OPEC members Russia, Mexico and Norway agreed to reduce production. Norway agreed to cut its oil output by 150,000 barrels a day for the first six months of 2002.
"The decision not to continue the production cuts has been taken due to a more stable oil market and expectations of growth in oil demand in the second half," said Norwegian Oil Minister Einar Steesnaes in a statement.