Norway Reconfirms Support for OPEC

The Norwegian Government announced on 10 July its decision to extend the existing 7.5% cut in the country's North Sea oil production until the end of the year in support of OPEC's market and price stabilization efforts. The decision, taken at a cabinet meeting on 9 July following a proposal by the Energy and Oil Ministry to extend the current output limit, will come into effect on 15 July.

Early this year, the Norwegian Government introduced...