<p>Norway said Wednesday it will cut oil production to the end of the year to help stabilise slumping prices hit by a supply glut and a collapse in demand sparked by the coronavirus pandemic.</p>.<p>Output will be cut by 250,000 barrels per day in June and by 134,000 barrels over the rest of the year, the oil and energy ministry said in a statement.</p>.<p>At the same time, it will delay bringing several new fields into production, it added.</p>.<p>By December, the cuts should be equivalent to 300,000 barrels per day.</p>.<p>Total output in June will be 1,609 million barrels per day, rising to 1,725 million in the second half of the year.</p>.<p>OPEC and its non-cartel partners, most importantly Russia, agreed earlier this month to cut output by just under 10 million barrels per day as prices crashed to more than 20-year lows.</p>.<p>Energy Minister Tina Bru said in the statement that the situation in the oil markets was "unprecendented," and stability was in the best interest of all, producers and consumers alike.</p>.<p>Bru said that Norway had previously indicated it would cut output if several of the major countries did so.</p>
<p>Norway said Wednesday it will cut oil production to the end of the year to help stabilise slumping prices hit by a supply glut and a collapse in demand sparked by the coronavirus pandemic.</p>.<p>Output will be cut by 250,000 barrels per day in June and by 134,000 barrels over the rest of the year, the oil and energy ministry said in a statement.</p>.<p>At the same time, it will delay bringing several new fields into production, it added.</p>.<p>By December, the cuts should be equivalent to 300,000 barrels per day.</p>.<p>Total output in June will be 1,609 million barrels per day, rising to 1,725 million in the second half of the year.</p>.<p>OPEC and its non-cartel partners, most importantly Russia, agreed earlier this month to cut output by just under 10 million barrels per day as prices crashed to more than 20-year lows.</p>.<p>Energy Minister Tina Bru said in the statement that the situation in the oil markets was "unprecendented," and stability was in the best interest of all, producers and consumers alike.</p>.<p>Bru said that Norway had previously indicated it would cut output if several of the major countries did so.</p>