Preliminary data from the Norwegian Offshore Directorate shows that the country's crude oil production averaged 1.776 million barrels per day (bpd) in July, a decrease of approximately 195,000 bpd from 1.971 million bpd in July 2025, representing a nearly 10% drop. If liquefied natural gas (LNG) and condensate are included, total liquid production decreased by approximately 197,000 bpd year-on-year to 1.976 million bpd, a 9.1% reduction. This decline is particularly significant at a time when global supply is tight due to restrictions in the Strait of Hormuz. The International Energy Agency (IEA) estimates that 8.3 million bpd of production in the Gulf region remained shut in July and has lowered its third-quarter oil supply forecast by 1.7 million bpd.