Key Market Indicators
Demand for Norwegian crude oil dropped 31.1% year-on-year in January 2022 to just over 918 thousand metric tons. This was a 6% decrease from January 2007. Norwegian crude oil production is projected to reach 59.5 million tonnes of oil equivalent by 2026. This is a 2.4% year-on-year average decrease from 2021's 67.8 million tonnes of oil equivalent. From 1976, Norwegian supply has shrunk by 3.4% year on year. In 2021, Norway was the 17th highest producer, with Kazakhstan taking the lead at 67.8 mtoe. Saudi Arabia, the United States and Iraq were the next three highest producers.
