OSLO, Norway, Nov. 22 (UPI) -- In an effort to boost crude oil prices, Norway will scale back its oil production by 100,000 to 200,000 barrels a day, the oil and energy minister said Thursday.
Norwegian Oil Minister Einar Steensnaes said the reduction was to take effect on Jan. 1 if members of the Organization of Petroleum Exporting Countries and non-members agree to do the same.
"The government has decided that if OPEC and non-OPEC countries carry out cuts, then I have got a mandate to carry out cuts of 100,000 and 200,000 barrels a day," Steensnaes told reporters after a meeting Thursday with parliament.
OPEC ministers have agreed to reduce oil production by 1.5 million barrels a day on Jan. 1 but only if non-OPEC members, like Norway, Russia and Mexico, also reduce production.
Norway, the world's third largest crude oil producer, pumps almost 3.2 million barrels a day from its offshore oil fields.
Russia has promised a cut of 30,000 barrels. Vagit Alekperov, president of LUKOIL, told reporters Thursday that the price of oil had already stabilized somewhat, and prices for Urals oil climbed somewhat.
Alekperov said Russian oil companies should act in concert to resolve global questions concerning the oil market.
Mexico has also promised to cut oil production by 100,000 barrels by the beginning of the year.
Meanwhile, crude oil price rose in London trading on Thursday on the news of Norway's expected cut in oil production, and Russian support for a reduction in daily output.
The active contract rose $1.05 cents to $19.78 a barrel, which is still below the $22 minimum OPEC wants.