Norway to Keep Export Cuts In Place
Wednesday, March 06, 2002
Norwegian Prime Minister Kjell Magne Bondevik said on Wednesday that Oslo aimed to keep its oil curbs in place until the end of June and had no plans to shorten the cuts or follow Oman in a possible extension. "We have no plans to expand the cuts but we're committed to follow the situation in the market," Bondevik said in a statement. He reaffirmed that Norway, outside OPEC like Oman, aimed to keep its own 150,000 bpd cut in place from January 1 to June 30, cutting production to 3.02 million bpd from a projected 3.17 million. Norwegian output in January was 3.09 million, down from 3.25 million in December. "We have no new plans" concerning the June 30 deadline for the cuts, Bondevik said. Norwegian Oil and Energy Minister Einar Steensnaes was due to meet his Mexican counterpart Ernesto Martens later on Wednesday in Oslo. Norway says its cuts were aimed at averting any price crash for oil prices.