Could this be adding to the bullish trend for oil? Link here to the Bloomberg story.Back on March 31, 2016, I noted that Norway was going to have some problems.
Norway’s oil regulator reduced its forecast for production this year, predicting crude output could drop to the lowest in three decades before recovering in 2020.Oil output of 82.2 million cubic meters, or 1.42 million barrels a day, would be the lowest since 1988.The forecast compares to actual production of 86.2 million last year, and is down from an earlier estimate of 87.2 million.Oil output was affected by new developments becoming more complex than anticipated and that fewer than expected wells have been drilled.Delays and issues on new projects in 2018 would continue to affect output this year, forcing a reduction in the production forecast.Doesn't amount to a hill of beans in the big scheme of things, but it is what it is.
This is the banner headline over at oilprice. Nothing new, but it does get your attention:
I still don't think it amounts to a hill of beans in the big scheme of things -- as far as global supply goes -- but it is a big story for Norway. Which will last about ... oh, maybe 12 months. LOL.
I could care / couldn't care less about the subject matter, but I am really, really impressed with the quality of this photograph taken with an old model iPhone by four-year-old granddaughter, Sophia: