Norway, more oil
Norway in July extracted 1.73 million barrels of oil a day on average, the highest monthly output since March 2011, reported the Oil Directory of this Nordic country.
Provisional figures released today by the agency exceed 9% its own estimates and 10%, the volume reached the same month last year. The cause of the increase is that many sites produced above expectations, and that of “Goliath”, located in the Barents Sea, has significantly increased its contribution in July to become the fourth most production.
The figure also exceeds by 18% the previous month’s records, a fact that the Norwegian Petroleum Board considered normal, because it is usual that several sites closed in June for maintenance.
This agency also reported that the total gas sales last month totaled 9,100 million cubic meters, 10% more than the previous month.
Many experts wonder why a country with as large as the Norwegian financial cushion is increasing oil production in this era of low prices. Each barrel sold today at $ 50 are $ 50 that the country could be losing if you wait again crude hit $ 100 (if this happens).
Thina Saltvedt, strategist at Nordea Markets, has the answer. Renewable energies are moving fast, cars and machines are becoming more efficient, “could be better extract all the oil now than in 20 years, maybe then we do not need both raw and now”.
Norway is the largest exporter of oil and gas in Western Europe.