Crude oil production from Norway, the region's top supplier, was better than expected, a national energy regulator said Wednesday.

Norway is a main oil and natural gas supplier for the European economy, designating nearly all of its offshore production for exports. The Norwegian Petroleum Directorate, the nation's energy regulator, said preliminary figures for May were lower than the previous month, but better than expected.

Based on preliminary data, the average production for May was 1.98 million barrels per day for oil, natural gas liquids and condensate, an ultra light form of oil. That's about 5 percent less than the previous month.

About 80 percent of the total volume was oil and the NPD said the 1.61 million barrels per day average was 2.8 percent higher year-on-year and 1.9 percent above its expectations for May.

"The oil production is about 1.9 percent above the prognosis so far this year," the NPD explained.

The diagnosis from the NPD on May production levels comes as crude oil prices face pressure from an over-supplied market. Higher volumes from U.S. shale oil basins and some members of the Organization of Petroleum Exporting Countries are offsetting efforts to balance the market through coordinated production declines.

Last week, the NPD said total discovered and potential resources are up more than 40 percent since 1990. Ingrid Solvberg, the NPD's director for development, said Norway has been producing oil and natural gas for nearly 50 years "and we are still not halfway done."

Tweet

Malaysia tackles tanker oil spill
Kuala Lumpur (AFP) June 20, 2017
Malaysia is using chemical dispersants to break up an oil slick off its coast after a tanker laden with marine diesel sank last week, a top official said Tuesday. The MT Putri Sea, registered in Malabo, Equatorial Guinea, went down on Thursday in a busy shipping lane off the southern state of Johor, near Singapore. Authorities said all six Indonesian crew were missing and feared dead. ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only