Aug 20, 12:17 PM

Norway Oil Output Hits Decade High as Johan Castberg Ramps Up

Norway’s crude oil production climbed to 1.96 million barrels a day in July, its highest monthly level in more than a decade, according to preliminary figures from the Norwegian Petroleum Directorate. Output was 16.8% higher than in June and 7.2% above the year-earlier level, driven largely by the ramp-up of Equinor ASA’s Johan Castberg field in the Barents Sea. Including natural gas liquids and condensate, Norway’s total petroleum output exceeded the official forecast for July by 3.9%, underscoring the Nordic nation’s role as Europe’s leading supplier of natural gas and a significant crude exporter. The surge comes as several North Sea fields return from seasonal maintenance and new capacity comes online. Separately, data from the Joint Organisations Data Initiative showed Saudi Arabia’s crude exports eased to 6.14 million barrels a day in June from 6.19 million in May. When refined products are included, Saudi shipments rose to 7.83 million barrels a day, while refined product inventories fell to 77.46 million barrels from 83.43 million a month earlier, suggesting tighter domestic stock levels.

#Norway #Norwegian Petroleum Directorate #Equinor ASA #Johan Castberg #Barents Sea #Nordic #Europe #North Sea #Joint Organisations Data Initiative #Saudi Arabia #Saudi

Written with ChatGPT .

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Norway Oil Output Hits Decade High as Johan Castberg Ramps Up

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