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Norway trimmed its 2008 oil production forecast to 2.4 million barrels per day from a previous projection of 2.5 million bpd. (5/16, #15) [Editor’s note: Norway’s production peaked at 3.4 million barrels/day in 2001; production has since declined 30%.]

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Venezuela's overall oil production stood at 2.32 million barrels a day in April, a 4.5% drop from the beginning of the year, according to the IEA. The government’s new windfall oil profits tax will delay a planned expansion of Shell’s operations in Venezuela.(5/15, #10; 5/14,#11)

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Venezuela announced plans to ship oil to Portugal in exchange for food products and other goods that have been running short in the South American country. (5/14, #10)

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Coal for delivery in northwest Europe rose to a record $152.25 per metric ton on limited global supplies and increased demand in countries such as India and China where new power stations are being built. (5/17, #15)

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In Japan, regular gasoline prices climbed to a record $5.83 a U.S. gallon. Japan's falling oil demand has left it with spare refining capacity and Japanese refiners are eager to boost gasoline exports to the U.S. (5/17, #12; 5/16,#9)

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In Iraq’s Kurdish sector, drillers have struck three oil fields with reserves estimated at about 2 billion barrels, Kurdish region’s Oil Minister Ashti Horami said. The escalating spat between Baghdad and the Kurdish region over deals between foreign oil companies and the regional government has led to the suspension of negotiation with two oil majors on new oil deals (5/15, #8)

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