06 Apr 2020 | 17:04 UTC — London

Norway would consider joining OPEC meeting but not at ministerial level: spokesman

Highlights

Reaffirms earlier statement on willingness to consider cuts

Norway's North Sea production seen as counterbalance to OPEC

London — Norway may participate in a virtual OPEC meeting this week intended to ease the crisis in oil markets although it would not be represented by a government minister but instead at the level of ministerial officials if it does decide to join the talks.

A spokesman for the country's petroleum and energy ministry said Monday that Norway would only join the talks if a wide range of other countries outside the normal alliance of OPEC and its partners also participated.

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The spokesman reaffirmed a statement over the weekend by petroleum and energy minister Tina Bru that Norway would consider joining internationally coordinated production cuts, depending on the effect on its economy and oil fields, and confirmed an invitation to Thursday's online meeting had been received.

However, he said, "we might attend on an official level, but not with the minister or on a political level."

"If many countries attend, Norway can consider it as well," the spokesman added.

Norway was producing 2.1 million b/d of oil as of February, following a revival in output levels from its North Sea oil fields with the launch of production from the giant Johan Sverdrup field in October.

However, the North Sea oil industry is generally seen as a counterbalance to OPEC, intended to strengthen the energy security of non-OPEC countries, rather than contributing to OPEC's market management efforts.

Any decision by the government to mandate production cuts for the purpose of supporting prices would break with a convention of non-interference that has held for almost two decades.

Norway did agree to production in 2002 in the aftermath of the 9/11 attacks in the US, but declined to get drawn in to production cuts when oil prices collapsed in 2014-15.


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