Norway Pumps Near Capacity as Spare Output Buffer Disappears

Norway kept petroleum production near peak levels in March 2026—but the more important signal for oil markets is that the country is now operating with virtually no spare capacity. At a time when global supply remains highly sensitive to geopolitical disruptions, one of the world’s most reliable non-OPEC producers has little left to give. According to preliminary figures from the Norwegian Offshore Directorate, total liquids production averaged around 2.1 million barrels per day (bpd) in March, including crude oil, NGLs, and condensate.…