Oil prices have dropped steeply from a July peak of over $147 per barrel
Norway's oil minister said on Thursday that the non-OPEC country had no plans to cut oil production due to falling crude prices.
Norway is the world's fourth biggest oil exporter, exporting most of its 2 million barrels per day production. 'No, we do not plan any changes,' Petroleum and Energy Minister Terje Riis-Johansen told on the sidelines of an oil industry conference. 'We will not let one moment decide our oil policy,' he said.
Oil prices have dropped steeply from a July peak of over $147 per barrel as global economic growth has sputtered. Brent futures dropped more than $3 on Thursday to a new 17-month low of $67.17 before recovering partly to around $69.