Norway Production Up in July

Norway's oil production rose to 3.14 million barrels per day (bpd) in July after Oslo abandoned production cuts, according to the Norwegian Petroleum Directorate. The state-run directorate said that preliminary figures indicated that July's output had risen from 2.92 million bpd in June.

Norway cut oil production in the first half of the year, along with OPEC nations, Russian and Mexico in and effort to prevent a price crash. Oslo decided to lift output curbs beginning July 1. Norway says that it complied with the promised curbs of 150,000 barrels per day to cut output to an average 3.02 million bpd in the first six months from a forecast 3.17 million.