Norway’s Oil Output Falls Nearly 200,000 Bpd as Gulf Supply Crisis Drags On

Summary

A nearly 200,000 bpd year-on-year decline in Norwegian oil production is exacerbating global supply tightness caused by an ongoing Gulf crisis. The IEA estimates 8.3 million bpd of Gulf production remains offline due to restricted traffic in the Strait of Hormuz. The drop in a key, geopolitically stable non-OPEC supply source amplifies market volatility and reliance on remaining accessible barrels.