January 14, 2021

Oil platform in Norway - Credit: Lukas Z/AdobeStock

Oil platform in Norway – Credit: Lukas Z/AdobeStock

Norway’s oil industry regulator has cut its 2021-2023 crude production forecasts, it said on Thursday, although output is still on track to grow significantly as new fields are brought on stream.

The Norwegian Petroleum Directorate (NPD) expects oil production to grow by 3.6% this year to 1.76 million barrels per day (bpd), down from a previous estimate of 1.87 million bpd, and to hit 2.1 million bpd in 2024. 

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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