Norway's Oil and Gas Output Misses Forecast by 2.5%

Norway's overall oil and gas output fell short of forecast in July, according to data from the Norwegian Offshore Directorate (NOD).

The country's combined production, which includes oil, condensate, natural gas liquids, and gas, stood at 0.665 million standard cubic metres per day, equivalent to 4.18 million barrels of oil equivalent. This represents a decrease of 1.5% year-on-year.

Natural gas production rose to 350.6 million cubic metres (mcm) per day in July, up from 329.8 mcm in the same month last year. However, this still lagged behind a forecast of 357 mcm by 1.8%.

Crude oil output fell to 1.78 million barrels per day (bpd) in July, down from 1.97 million bpd in the previous year's same month. This was also lower than the predicted 1.82 million bpd.