Norway's Oil Minister: No plans for Norway to cut oil output

Norway has no plans to lower its oil output, Norway’s Oil and Energy Minister Tina Bru told TV2 on Tuesday, per Reuters.

"Today's oil price is no threat to output from Norwegian fields," Bru added. "We are still producing profitably."

Market reaction

The market reaction to these comments was muted. The barrel of West Texas Intermediate, which dropped to its lowest level since February at $19.25 on Monday, was last seen trading at $21.60, adding 6.65% on a daily basis.