Oil and natural gas production from Norwegian basins increased last month, with oil output up 2.4 percent year-on-year, the government said Wednesday. The Norwegian Petroleum Directorate, the nation’s energy regulator, said oil production in May was 1.51 million barrels per day, which is 2.4 percent above May 2014 and 1 percent above what the regulator expected. Total sales of natural gas were 307 billion cubic feet, also an increase from the previous month. Production figures come amid modest stabilization in the crude oil market, with prices about 25 percent higher than early 2015 lows. After the Norwegian government in January handed out 54 licenses for operations in the North, Norwegian and Barents seas, Energy Minister Tord […]