Abrupt Drop in Norway Oil Output Seen as Temporary

Although some industry experts say it’s too early tell whether a recent 20% plunge in oil production in Norway is a harbinger of steep decline, most say its only a temporary slip.

The confident – including heads of the biggest producers in the world’s third-largest oil exporter – say an expected dip in crude output has been exaggerated by unplanned outages, extended platform maintenance and delays in new production wells.

The uncertain, though, say the decline is more than forecast, and only more data will reveal the truth.

Last month, the government’s Norwegian Petroleum Directorate reported June crude production at 2.29 million barrels a day, down 22% – almost 600,000 b/d – from the same period last year, the lowest level since 1994.
Schlumberger