OPEC Pleased with Norway’s Oil Cuts

Norway's oil minister, Einar Steensnaes, said OPEC was satisfied with Norway's oil-cut offer and that the cut will still be in the range of 100,000-200,000 barrels a day. "I will discuss with the government the amount, which will be between 100,000 and 200,000 b/d, and the time-scale for the cuts," Steensnaes said, adding that Norway would also bear in mind what other oil-producing countries do. "OPEC has announced its cuts from Jan. 1, so there is no reason for a postponement. We will announce our cut well before Christmas," he added. He emphasized that no decision on a Norwegian output cut will be made Friday. OPEC would like for Norway to cut production by at least as much as Russia.