Norway's Oil Output Beats Forecasts as Hormuz Traffic Stays Near Crisis Lows
Norway's crude oil production exceeded official forecasts in June, averaging 1.827 million barrels per day as offshore fields returned from seasonal maintenance. This marks a sharp increase from 1.677 million bpd in June last year. Total liquids production, including natural gas liquids and condensate, reached 2.022 million bpd, up from 1.909 million bpd in May. Natural gas sales also recovered to 10.0 billion standard cubic meters. The production rebound comes as global markets remain focused on disruptions to Middle Eastern exports, with tanker traffic through the Strait of Hormuz staying near crisis lows. Norway's stable output provides a crucial source of energy security for Europe, especially amid reduced Russian pipeline gas deliveries and ongoing geopolitical uncertainty in the Persian Gulf. While Norway accounts for only about 2% of global crude output, its reliability as a non-OPEC producer is disproportionately important to European markets.
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