Norway can’t cut back on oil production.
The high price of drilling for North Sea oil keeps Norway from cutting back on production as OPEC nations have requested, Norwegian Foreign Minister Svenn Stray said. In Caracas, Venezuela, for a three-day official visit, Stray said that Norway is “interested in keeping oil prices stable and high.” But he added that the long-term investments required in offshore drilling mean that production cuts are not feasible.
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