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Norwegian Gas Production Beats August Forecast

OIL

Norway’s August crude output missed its forecast while gas exceeded expectations based on preliminary data from the Norwegian Petroleum Directorate.

  • Crude oil output rose to 1.77 million barrels per day (bpd) in August from 1.64 million bpd in July, compared to a forecast of 1.83 million bpd.
  • Natural gas production in August averaged 332.8 million cubic metres (mcm) per day, down from 350.6 mcm per day in July but 4.5% above forecast.
  • Norway has emerged as the top supplier of gas to Europe, taking Russia’s top spot. The EU’s energy security plans heavily hinge on supply from Norway, which will likely develop a higher pace of development in the Norwegian North Sea.
Energy BulletsCommodities
Energy BulletsCommodities

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