(Adds detail, background)
OSLO, June 8 (Reuters) - Norway, Western Europe's largest
oil producer, has no plans to modify its existing plans for
production cuts, following the OPEC+ group's agreement to extend
a deal on record output cuts to the end of July, the oil
ministry said on Monday.
On Saturday, OPEC+ agreed to extend the deal to withdraw
almost 10% of global supplies from the market by a third month
to end-July, sending Brent crude price to over $43 a
barrel.
"OPEC+ has played a key role in the ongoing stabilization of
the oil market. Their last decision underscores their efforts in
these unprecedented times for the world economy. There is no
plan to change the Norwegian regulation," the ministry said in
an email to Reuters.
Norway is cutting output by 250,000 barrels per day (bpd) in
June and by 134,000 bpd in the second half of the
year.
The country's oil production limit was set to 1.609 million
bpd in June and to 1.725 million bpd in the second half of the
year, respectively.
Norway has restrained its oil output several times in the
past, including from 1986 to 1990, in 1998-2000 and in the first
half of 2002, always in tandem with others, when prices fell.
(Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)