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There are no ongoing talks with oil companies in Norway about production cuts, Norway’s oil minister on Monday but reiterated that they were willing to make unilateral output cuts if other producers also agree to cut.

“We will consider a unilateral cut in output if it contributes to our own resource management and economy,” the minister further explained. “Weak oil price is very demanding for the industry.”

Market reaction

Crude oil’s reaction to these comments was relatively muted. As of writing, the barrel of West Texas Intermediate was trading at $26.87, erasing 6.7% on a daily basis.