NEWS

As OPEC and its allies make their deepest cuts yet to crude production, Norway’s giant Johan Sverdrup oil field is exporting more than ever before.

Crude loadings from the field are set at a record 4.4 million barrels, or 465,000 barrels a day, in August, according to a loading program seen by Bloomberg. That’s compared with 429,000 barrels a day expected in July.

Norway’s state-controlled energy company Equinor ASA pledged to slash production from the Johan Sverdrup field by 20% in June, as the country moved ahead with historic oil-output cuts in cooperation with the Organization of Petroleum Exporting Countries and its allies. The curbs are aimed at rebalancing the oil market and eliminating a glut.