Norway's oil production higher year-over-year

July 11 (UPI) -- Total oil production from Norway, one of the main suppliers to the European market, was lower than the government expected, but still higher year-over-year.

The Norwegian Petroleum Directorate, the nation's energy regulator, reported a preliminary rate of oil production for June at 1.55 million barrels per day.

"The oil production is about 8 percent above the oil production in June last year and is about 3.3 percent below the NPD's prognosis for June 2017," the regulator said. "Oil production is about 1.3 percent above the prognosis so far this year."

Final figures from May revealed an average rate of about 1.64 million barrels per day.

About a quarter of the country's gross domestic production and nearly 65 percent of its exports are tied to the oil and gas sector. In an annual update, ratings agency Moody's said it expected real gross domestic product for Norway will increase from 1.5 percent to 2 percent next year on the back of better investments and stronger export trends.

Production figures for Norway come as crude oil prices struggle for momentum, after holding above $50 per barrel for most of the first half of the year. Moody's said lower oil prices have contributed to slower but still positive growth in Norway. Statistics Norway, the government's record-keeping division, reported that job insecurity in the energy sector was on the rise.

The regulator offered no explanation for its prognosis or variances in its latest report.