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2015-12-04 21:25:00

NORWAY CUTS PRODUCTION

NORWAY CUTS PRODUCTION

Norwegian businesses expect to cut production as they struggle to cope with slumping oil prices and falling investments, according to the central bank's regional network report.

An indicator for aggregated output growth for six months ahead dropped to minus 0.01 from 0.06, according to the bank's report released Friday. That's the lowest since early 2009. The indicator measuring production over the past three months slid to 0.02 from 0.11.

"Weak growth is here to stay for a couple of years," said Joachim Bernhardsen, an analyst at Nordea Bank AB. He sees mainland economic growth stalling over the next six months,…

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Tags: NORWAY, OIL, PRODUCTION
Chronicle:
NORWAY CUTS PRODUCTION
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U.S. OIL INVENTORIES DOWN 5.9 MB TO 492.4 MB
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OIL PRICE: ABOVE $64 STILL
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GLOBAL OIL DEMAND WILL UP BY 6 MBD
In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report.
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2021, April, 14, 12:10:00
U.S. OIL PRODUCTION WILL UP
Higher prices are buoying drillers’ confidence. Benchmark Nymex oil gained nearly 35% in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The fossil fuel is also getting a bump as Covid-19 vaccinations progress and Americans travel again, boosting gasoline consumption.
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