Western Europe’s largest oil producer, Norway, which is not officially part of the OPEC+ coalition, is cutting its oil production because of the slump in demand and prices and is likely to help reduce the Atlantic basin supply of several oil producers to the lowest since early 2012, Bloomberg reported on Monday, citing oil shipment plans it had seen. Norwegian oil loadings in September are set to drop by 261,000 barrels per day (bpd) month over month, with reduced loadings from the giant Johan Sverdrup oilfield accounting for two-thirds of those reduced volumes, according to Bloomberg estimates. While it was not immediately clear if Norway’s production cuts of 250,000 bpd in June and 134,000 bpd in the second half of 2020 were the primary reason for the significantly lower Norwegian oil loadings for September, it was expected that Johan Sverdrup would see reduced production because of the government’s plan. […]