(Bloomberg) -- Statoil ASA, Norway's largest oil company, cut its 2007 production target by as much as 12 percent after the closure of a North Sea field and delays in Iran and Algeria.
Output will average between 1.15 million and 1.2 million barrels of oil equivalent daily this year, down from a previous target of 1.3 million barrels, the Stavanger, Norway-based company said today in a statement to the Oslo exchange. Statoil said April 26 it would miss the old target and give a new estimate this week.
Read more at Bloomberg Energy News
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