"The OPEC countries have acted to re-establish the balance in the oil marked and contribute to a long term, sustainable oil price development. A stable oil market, with prices on a reasonable high level is important for both oil producing and oil consuming countries," Ella Bye Mørland said.
Asked whether Norway, non-OPEC country, might follow the suit out of goodwill and also reduce its output, Mørland ruled it out by saying that "Norway is not planning any production measures".
The deal by OPEC members became possible much due to a shift in Saudi Arabia position. While initially Riyadh had insisted that it would reduce output to ease a global glut only if every other OPEC and non-OPEC producer followed suit, this time it agreed to exempt some countries from the limits with Saudi Energy Minister Khalid Falih saying that Iran, Nigeria and Libya would be allowed to produce “at maximum levels that make sense".
Norway is the world's 15th oil producer with 1904.0 barrels of petroleum and other liquids extracted in 2015, according to the US Energy Information Administration.