OSLO, Norway, Nov. 14 (UPI) -- Oil production from the Norwegian continental shelf was slightly below expectations, the nation's energy regulator said Friday.
The Norwegian Petroleum Directorate published production data for October.
Norway has more oil reserves than any other European country, exporting 1.19 million bpd on average primarily to the Dutch and British economies.
"So far this year the oil production is about 1.5 percent above the NPD's prognosis and about 2.5 percent higher than for the same period in 2013," the agency said.
The steady decline in global oil prices and the slow pace of economic recovery in Europe led the Norwegian Oil and Gas Association, the industry's lobbying group in the country, to draft its annual report on the Norwegian energy sector with the assumption the world economy is still fragile six years after the global recession and at a time when oil prices are at their lowest level in four years.
For natural gas, NPD said total gas sales for October were around 370 billion cubic feet, an increase of about 30 percent from the previous month, the directorate said.
