Minister: Norway has no plan to cut oil production
October 23, 2008 - 0:0
STOCKHOLM (Xinhua) -- Norway will maintain its oil production and has no plan to cut output to stem falling crude oil prices, according to reports from Oslo Wednesday.
Norway, the world’s fifth biggest oil exporter, would not follow the Organization of Petroleum Exporting Countries (OPEC)’s call for a cut in oil production at the present, Norwegian Foreign Minister Jonas Gahr Stoere said.Norway makes its own decisions on an individual basis, but will also consult other countries, he added.
OPEC is due to meet Friday and is widely expected to cut production by as much as a million barrels per day.
Algeria’s Oil Minister Chakib Khelil, also OPEC’s president, has called on non-OPEC countries, especially Russia, Norway and Mexico, to cut production in line with an OPEC decision.
Khelil said the decision for an oil production cut by OPEC would be more difficult and more painful, if non-OPEC countries did not contribute to the reduction, according to Algeria’s state newspaper El-Moudjahid.