STAVANGER, Norway (Bloomberg) -- Norway, western Europe’s biggest oil producer, will probably cut its long-term forecast for crude production as companies reduce spending to counter rising costs and improve shareholder returns. As investments in Norway’s oil industry fall after a peak this year, production beyond 2015 will be lower than expected, according to Bente Nyland, head of the Norwegian Petroleum Directorate. The estimate cuts are expected to be reflected in the NPD’s annual prognosis scheduled to be published in January.
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Norway to cut oil-production forecasts as costs delay projects
![Norway to cut oil-production forecasts as costs delay projects]()
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