Norway is producing crude oil at full capacity but favors price moderation, Oil and Energy Minister Olav Akselsen said Friday.
"We are producing at full capacity and we do not have any reserves available to dip into," Akselsen told reporters.
His remarks came as Saudi Arabia appeared to be lobbying other members of the Organization of Petroleum Exporting Countries (OPEC) to boost production to dampen prices, currently pushing 34 dollars per barrel.
Akselsen said Norway, which is not an OPEC member, favored a cut in oil prices, although he did not offer a price-range target.
Norway is the world's second-largest exporter, behind Saudi Arabia. It produces around 3.2 million barrels of crude per day. - (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
