Norway’s Oil Output Falls Nearly 200,000 Bpd as Gulf Supply Crisis Drags On
Continental Resources Expands Permian Footprint Jan-Thore is a Norwegian oil and gas expert with two decades of industry experience across a variety of roles.
For the past five years, he… Norway’s crude oil production averaged 1.776 million barrels per day in July, according to preliminary figures from the Norwegian Offshore Directorate.
The country also produced 183,000 barrels per day of natural gas liquids and 17,000 barrels per day of condensate, bringing total liquids production to 1.976 million barrels per day.
The year-over-year comparison is striking.
Norway produced 1.971 million barrels per day of crude in July 2025, according to the Directorate’s latest revised figures.
Crude output was therefore down by approximately 195,000 barrels per day, or nearly 10%.
Total liquids production declined by around 197,000 barrels per day, or 9.1%, from 2.173 million barrels per day a year earlier.
The timing gives the decline greater significance than the Norwegian numbers alone would suggest.
The International Energy Agency estimates that 8.3 million barrels per day of Gulf production remained shut in during July as severely restricted traffic through the Strait of Hormuz continued to limit exports.
Although global supply increased during the month, it remained 6.3 million barrels per day below year-earlier levels.
Renewed hostilities and maritime disruptions have also prompted the IEA to reduce its projected third-quarter oil supply by 1.7 million barrels per day compared with its previous estimate.
In that environment, the market is becoming increasingly dependent on production from outside the Persian Gulf, particularly barrels that can reach refiners without passing through a geopolitically exposed chokepoint.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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