NPD November Oil Production Figure Well Below Forecast

According to the NPD, average oil production in November was 1.740 million barrels per day.


The Norwegian Petroleum Directorate’s (NPD) preliminary oil production figure for November is nearly nine percent below the organization’s forecast for the month, new data from the NPD has shown.

According to the NPD, average oil production in November was 1.740 million barrels per day. This marked a 165,000 barrel per day, or 8.7 percent, deviation from the NPD’s forecast for November, the organization’s latest output data outlined. November’s preliminary production figure is 0.5 percent down from October’s production and 0.5 percent up from November 2021’s production, the NPD highlighted in its latest numbers.

Last month, the NPD revealed that average oil production in October was 1.749 million barrels per day. This was shown to be 133,000 barrels per day, or 7.1 percent, below the organization’s forecast for that month. Oil production in October was up 109,000 barrels per day, or 6.6 percent, from September levels, but 69,000 barrels per day, or 3.8 percent, down from October 2021 levels, the NPD highlighted.

In its preliminary production figures for September, the NPD revealed that oil production was 1.640 million barrels per day. This was 176,000 barrels per day, or 9.7 percent, below the NPD’s forecast for the month, the NPD outlined. September’s oil production was eight percent down on August figures and 7.8 percent down from September 2021 figures, according to the NPD.

Established in 1972, the NPD is a governmental specialist directorate and administrative body that reports to Norway’s Ministry of Petroleum and Energy. The organization is responsible for managing and making available petroleum data from the Norwegian continental shelf, the NPD notes on its website.

In a statement posted on its site earlier this month, the NPD noted that the Norwegian shelf has seen a high level of activity.

“The keywords are many projects, high production, increased gas extraction to meet demand from the EU and more pressure on new sectors such as offshore wind and carbon capture and storage,” the NPD said in the statement.

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