In 2023, the crude oil energy supply in Norway stood at approximately 590.22 thousand terajoules. Forecasted data for subsequent years indicates a steady increase: 595.38 thousand terajoules in 2024, climbing yearly by roughly 5.14 thousand terajoules until reaching 615.63 thousand terajoules in 2028. Year-on-year, this represents an average growth rate of around 0.87% for 2024-2025, 0.85% for 2025-2026, 0.83% for 2026-2027, and 0.82% for 2027-2028. Over the last two years, the supply rose by 0.85% on average.
The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 shows a modest but consistent yearly increase of about 0.84%.
Future trends to watch for include potential technological advancements in oil extraction, geopolitical shifts affecting oil markets, and evolving energy policies and regulations aimed at sustainability. The increasing global focus on renewable energy could also influence the long-term outlook for crude oil energy supply in Norway.
