Norway oil production falls nearly 10% in July

Norway’s crude oil production on the Norwegian continental shelf averaged 1.776 million barrels per day in July, representing a nearly 10% decrease compared to July of the previous year. Total liquids production, which includes natural gas liquids and condensate, reached 1.976 million barrels per day, a 9.1% decline year-over-year.

Monthly data shows a downward trend from June, with crude output falling by approximately 47,000 barrels per day. Despite the decline in oil, gas production saw an increase; daily gas production rose 6.3% compared to July of last year, with 10.9 billion standard cubic meters sold in July.

The decline in Norwegian output occurs amid broader global supply concerns. The International Energy Agency (IEA) has noted significant disruptions in the Persian Gulf, estimating that 8.3 million barrels per day of Gulf production remained shut in during July due to restricted traffic through the Strait of Hormuz. This has increased market reliance on non-Persian Gulf production.