No reduction in Norwegian oil production

Norway will not join the OPEC countries in reducing oil production.

Norway will not join the OPEC countries in reducing oil production.

Oil and Energy Minister Einar Steensnaes says there is no basis for a cut in Norwegian oil production at the moment.

The 10 OPEC member nations have announced that they will cut production by one million barrels a day, to 23.5 million barrels a day.

OPEC made their decision despite the fact that the price for oil has been record high this winter, up to US$ 34 a barrel.

It is expected that the price will remain at around US$ 30 a barrel for the rest of the year, NRK reports.