ion in oil markets and would be willing to participate in production cuts as part of a “broad” international effort, Petroleum and Energy Minister Tina Bru said Saturday. The announcement goes against years of convention in which North Sea producer states have avoided attempts to intervene directly in the market. Norway produced 2.1 million b/d of oil in February, roughly between 2 and 3% of global production, and around two thirds of North Sea oil production. The North Sea is home to the Dated Brent benchmark, used in oil markets around the world. “Due to the COVID-19 pandemic, the […]