Norway doesn't see any reason to curtail its output for now, national news agency NTB reported Tuesday. "We are evaluating the situation continuously, and there isn't anything to justify a reduction now," Petroleum and Energy Minister Olav Akselsen told NTB on the eve of OPEC's meeting in Vienna.
While a consensus appeared to be growing within the Organization of Petroleum Exporting Countries for an oil output cut of 1.5 - 2.0 million barrels a day, Norway a non OPEC member doesn't see it that way "We wish to see stability in the market and balance between supply and demand," Akselsen was quoted as saying. "We don't rule out a cut in principle, but don't believe there is a foundation for one for the moment.
Norway produces around 3.1 million b/d, and is the world's second-largest oil exporter after Saudi Arabia.
© 2001 Mena Report (www.menareport.com)
