Norway Oil Production Rises in August but Lags Behind Last Year

Norway's crude oil production rose in August but still lagged behind last year's levels.

The country produced an average of 1.882 million barrels per day, a 5.5% increase from July and exceeding the Norwegian Offshore Directorate's forecast of 1.803 million barrels per day by 79,000 barrels or 4.4%. However, this is still 3.8% lower than August 2022.

Total production of liquid hydrocarbons, including crude oil, natural gas liquids and condensate, reached 2.073 million barrels per day in August, a 4.9% increase from July but 4% lower than last year's level.

Norway is Europe's largest supplier of natural gas, and its pipeline deliveries are crucial for the regional supply balance ahead of the winter heating season.