June production exceeded forecasts as maintenance ended, adding supply amid Middle East export disruptions.
Norway’s crude oil production averaged 1.827 million barrels per day in June, surpassing official forecasts after offshore fields resumed operations following seasonal maintenance. The increase marked a sharp rise from 1.677 million bpd in June 2023, reflecting stronger-than-expected supply growth.
The Norwegian Offshore Directorate reported the figures, noting the output beat projections as global markets monitor Middle Eastern export constraints. The rise contrasts with ongoing concerns over reduced traffic in the Strait of Hormuz, a key oil transit route.
Markets are assessing the impact of Norway’s increased supply against persistent geopolitical risks affecting other major producers.