EQNR - Norway misses oil production targets for fifth month in a row

Norwegian oil (USO) production volumes came in a 1.62mb/d in May, versus a forecast from the Norwegian Petroleum Directorate for 1.66mb/d, marking the fifth month in 2022 that results have missed targets. Oil volumes were down 2.6% MoM, and 2.5% YoY. Gas volumes (UNG) exceeded targets by 2.1%, were up 15.1% YoY but down 1.9% MoM. The Directorate expects oil volumes to fall by ~20% MoM in June, as seasonal maintenance is performed: With Russia reducing gas export volumes, Norway is likely to continue attempting to maximize natural gas production at the expense of oil volumes (EQNR).

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Norway misses oil production targets for fifth month in a row