Norway's Oil Output Beats Forecasts as Hormuz Traffic Stays Near Crisis Lows

Norway's crude oil production beat official forecasts in June as offshore fields returned from seasonal maintenance, delivering a stronger-than-expected increase in supply at a time when global markets remain focused on disruptions to Middle Eastern exports.

According to preliminary figures released Tuesday by the Norwegian Offshore Directorate (SODIR), Norway's crude oil production averaged 1. 827 million barrels per day (bpd) in June, exceeding the agency's official forecast while rising sharply from 1. 677 million bpd in the same month last year.