Norway's Oil and Gas Output Falls Behind Forecast In May

Norway's combined oil and gas production lagged an official forecast by 0.5% in May, the Norwegian Offshore Directorate (NOD) said on Friday.

Norway is Europe's largest supplier of natural gas and a major producer of oil, but output varies from month to month depending on maintenance needs and other stoppages at more than 90 offshore fields.

Overall oil, condensate, natural gas liquids and gas output stood at 0.612 million standard cubic meters per day, equivalent to 3.85 million barrels of oil equivalent.

Natural gas production in May fell to 296.9 million cubic meters (mcm) per day from 322.2 mcm a year earlier, and slightly exceeded a forecast of 296.1 mcm by 0.3%, the regulator said on its website.

Crude oil output rose to 1.81 million barrels per day (bpd) in May from 1.71 million bpd in the same month last year, and came in above a forecast of 1.79 million bpd, NOD's preliminary data showed.

(Reuters - Reporting by Louise Rasmussen, Editing by Stine Jacobsen)