Norway Akselsen: Norway does not favor a cut in oil production
Norway does not favor a cut in crude production said Norway's energy minister Olav Akselsen speaking ton reporters during a visit to Venezuela.
He stressed his opinion from last week that the markets were ‘balanced’ at present and saw no need for another cut.
Akselsen after meeting with Venezuela's energy minister Alvaro Silva where they discussed output changes ahead of next week’s OPEC conference in Vienna, said that markets were in balance with the present output.
Norway, which produces around 3.2m bpd of oil, may not be a member of OPEC, but is usually an output policy ally.
Akselsen did not match January’s 1.5m bpd cut despite talks with form the OPEC. Norway has always cherished its sense of independence, refusing numerous invitations to join the OPEC.
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