Key Market Indicators
Demand for Norwegian crude oil dropped 31% in January 2022 compared to the same period last year, according to data from the Norwegian government. This marks a 6% decrease from January 2007. Oil production in the country is expected to drop 2.4% annually over the next five years, falling from 67.8 million tonnes of oil equivalent in 2021 to 59.5 million tonnes of oil equivalent in 2026. This would be a 3.4% decrease from 1976. Norway was 17th in the ranking of global oil producers in 2021. Kazakhstan, Saudi Arabia, the United States, and Iraq placed ahead of Norway respectively.
