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Norway oil output is also falling. Reuters reported that Norway’s oil regulator reduced its forecast for production this year, predicting crude output could drop to the lowest in three decades before recovering in 2020. Oil output of 82.2 million cubic meters, or 1.42 million barrels a day, would be the lowest since 1988. The forecast compares to the actual production of 86.2 million last year and is down from an earlier estimate of 87.2 million.

 

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