The crude oil and condensate production in Norway stands at a forecasted value of 1.74 million barrels per day (mb/d) for 2024. This shows stability in the forecast, with slight increases projected as the years progress, reaching 1.77 mb/d in 2028. This equates to a year-on-year percentage increase of approximately 0.57% from 2024 to 2025, remaining relatively stable through 2026 and 2027, and a further slight increase by 0.57% from 2027 to 2028. The compound annual growth rate (CAGR) over this forecasted period from 2024 to 2028 is around 0.43% per year.
Future trends to watch for:
- Potential impacts of environmental regulations and shifts towards renewable energy sources that might affect production levels.
- Technological advancements in extraction and production efficiency that could influence output.
- Global market demands and geopolitical factors that could lead to variability in production.
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