Jan-Thore Bergsagel

Norway’s crude production fell to 1.776 million barrels per day in July 2026, down about 195,000 bpd, or nearly 10%, from a year earlier; total liquids output fell 9.1% to 1.976 million bpd. The decline occurred as roughly 8.3 million bpd of Gulf production remained shut in because of restricted Strait of Hormuz traffic, increasing reliance on dependable non-Gulf supplies. The weakness may reflect seasonal maintenance, operational disruptions and an unusually strong July 2025 comparison rather than a structural decline. Norway’s next production report will be important: a rebound would support the temporary-disruption explanation, while continued output below 1.8 million bpd would further tighten an already stressed oil market.