Norway's Oil Output Drops 200,000 Bpd Amid Gulf Supply Crisis

Preliminary figures from the Norwegian Offshore Directorate show crude output at 1.776 million barrels per day in July, down significantly from 1.971 million bpd in July last year. Total liquids production, including natural gas liquids and condensate, reached 1.976 million bpd. This substantial reduction in supply from a major producer, coupled with ongoing Gulf supply concerns, could exert upward pressure on international crude oil prices. Higher crude prices typically fuel global inflation, potentially strengthening gold's appeal as an inflation hedge and putting pressure on the Pakistani Rupee due to increased import costs.

بحوالہ / Source: oilprice.com