Norway to cut oil production

Norway said it will cut its oil production by 150,000 barrels per day from January 1 to June 30, but could suspend the reduction if other exporters do not also cut their output.

The oil and energy ministry said in a statement that it would suspend the cuts "if other countries do not implement announced measures, if the measures do not have the desired effect or if our evaluation of the oil market situation deems it necessary".