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Faltering North Sea Oil Production Set To Tighten Global Markets

According to Rystad Energy, crude and lease condesate production in the North Sea is set for lower levels in the coming months for summer. This further tightens the global oil market which is already grappling with several production declines in Iran and Venezuela, OPEC’s cuts and a contamination issue that shut down Russian pipeline supplies to Europe.

The energy firm also said North Sea production is restricted to a total of 160,00 bpd due to current unplanned outages at Oseberg and Flotta.

North Sea oil production will face a downward in June to 2.28 million bpd as 462,000 bpd will be lost due to the outages, according to Rystad Energy’s field production and maintenance forecast.

Source: OilPrice

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