Norway trims 2008 oil and gas output forecast

Norway’s Labour-led government trimmed its 2008 oil production forecast to 2.4 million barrels per day from a previous projection of 2.5 million bpd, according to the revised budget for this year published on Thursday.

“Oil production is expected to continue to decrease gradually in the coming years,” the Petroleum and Energy Ministry said in a statement with the revised budget.

Reuters