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June 18, 2020

Norway’s oil market stabilises amid Covid-19, oil minister says

Norway's oil minister has said that the country has no plans to make more oil output cuts in response to Covid-19 disruption, Reuters reports.

By Yoana Cholteeva

Norway’s oil minister has said that the country has no plans to make more oil output cuts in response to Covid-19 disruption, Reuters reports.

Norway Minister of petroleum and energy Tina Bru said that the oil market has stabilised more than was anticipated a few months ago.

“It would, of course, be possible to end output cuts at an earlier time, but the plan is to maintain cuts until the end of 2020,” she said.

The country had previously said it would reduce oil production by 250,000 barrels per day (bpd) in June 2020 and 134,000 bpd in the second half of the year.

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