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STAVANGER — Norway’s oil output will grow by 43% from 2019 to 2024 as new fields come on stream and older production facilities are upgraded, forecasts from the Norwegian Petroleum Directorate (NPD) showed on Thursday.

The numbers show a revival for Norwegian crude production, which last year fell to its lowest since 1989 as older fields gradually depleted their reserves.

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By 2023, combined output of oil and gas is expected to reach close to the record level seen in 2004, the agency said, although gas would have a greater share than before.

“This time oil will account for about half of the total,” NPD chief Ingrid Soelvberg told a news conference.

Production growth in Norway, alongside steep output gains in the United States and Brazil, will add pressure on oil prices in a market which is already perceived as oversupplied.

OPEC has been curbing output since 2017 to balance the market, but oil prices have failed to go above $70 per barrel even though U.S. sanctions on Iran and Venezuela have steeply cut exports from those nations.