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.
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.
At the same time, it will delay bringing several new fields into production, it added.
By December, the cuts should be equivalent to 300,000 barrels per day.
Total output in June will be 1,609 million barrels per day, rising to 1,725 million in the second half of the year.
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.
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.
Bru said that Norway had previously indicated it would cut output if several of the major countries did so. AFP
Again, Nigeria records electricity grid collapse as power generation drops
In what could be described as perennial menace, the electricity grip which powers the entire country collapsed in the early hour of Wednesday, leaving the nation in darkness.
The grid recorded over eleven system collapse last year and had collapsed earlier this before going down at about 1:21AM.
The system was later restored shortly but power generation down to about 2,900 megawatts.
The Transmission Company of Nigeria (TCN), while confirming the development, noted that investigation was on to ascertain the reasons behind the collapse.
“TCN would commence investigations into the cause of the supply loss as soon as full recovery is achieved. We are committed to ensuring grid stability and consistent bulk power supply, especially at this time of the pandemic,”the General Manager, Public Affairs at TCN, Ndidi Mbah said in a statement.
She disclosed that the National Control Centre (NCC) of TCN in Osogbo had been working on fully restoring supply.
The Association of Nigerian Electricity Distributors (ANED), the umbrella body of the distribution companies had last year decried the repeated system collapse, stating that TCN’s analogue system caused over 100 electricity grid collapses since the privatisation of the power sector in 2013.
