The Sverdrup oil field in the North Sea of ??Norway has fully resumed operations, and U.S. crude oil inventories have increased for three consecutive weeks. International oil prices have fallen back, but the escalation of the war between Russia and Ukraine and the tense situation in the Middle East still support the market, and the decline in oil prices has narrowed. On Wednesday (November 20), the settlement price of West Texas Intermediate crude oil for December 2024 on the New York Mercantile Exchange was $68.87 per barrel, down $0.52 from the previous trading day, a drop of 0.75%, and the trading range was $68.75-70.15; the settlement price of Brent crude oil for January 2025 on the London Intercontinental Exchange was $72.81 per barrel, down $0.50 from the previous trading day, a drop of 0.68%, and the trading range was $72.70-73.94.

To further boost supply, Norway's Equinor said it had restored the full production capacity of the Johan Sverdrup oil field in the North Sea after the power outage. On Monday, after the news that the Johan Sverdrup oil field in Norway stopped producing crude oil, European and American crude oil futures rose by more than $2 per barrel. However, after the fault was eliminated on Tuesday, the production of the oil field gradually returned to normal. The oil field is the largest oil field in Western Europe. In September this year, the daily crude oil production of the oil field hit a record high, exceeding 756,000 barrels per day, accounting for about 6-7% of Europe's daily oil consumption.

As of the week of November 15, the average daily production of crude oil in the United States was 13.201 million barrels, a decrease of 199,000 barrels per day from the previous week, and an increase of 1,000 barrels per day from the same period last year; in the four weeks ending November 15, the average daily production of crude oil in the United States was 13.4 million barrels, 1.5% higher than the same period last year. So far this year, the average daily production of crude oil in the United States is 13.222 million barrels, 5.7% higher than the same period last year.