Europe · NOR
Norway
Europe’s battery and Europe’s gas field. Almost all domestic power is hydro; almost all export value is hydrocarbons.
Oil production
2.0 mb/d
0.2 mb/d demand
Net oil
+1.8 mb/d
Export surplus
Gas production
125 bcm
Net +120 bcm
O&G rent
14.0%
Fiscal breakeven $40
Oil balance
Production versus demand, 2025, million barrels per day.
Gas balance
Production versus demand, 2025, billion cubic metres.
Proven oil
8 bn bbl
Gas reserves
1.5 tcm
Refining
0.3 mb/d
LNG
6 bcm export
Hydrocarbon mix
Oil versus gas in this country’s oil-and-gas demand (oil-equivalent).
- Oil55%
- Gas45%
Inflows and outflows
What leaves. What arrives.
Norway outflows 1.64 mb/d crude, 0 bcm LNG. Inflows 0 kb/d crude, 0 bcm LNG.
Local crude
Dated Brent
$107.0
3 January 2026 · Maduro ousted
28 February 2026 · Iran war started
Still prices about 60% of seaborne crude. The marker the Strait actually writes.
All crude tapes and bpd flowsMapped crude
Barrels per day.
Outbound
- Europe (ARA)1.64 mb/d+60 kb/d
Inbound
None mapped.
Economy
The sovereign fund is the energy transition. Troll and new Barents barrels still matter to EU security of supply. Domestic power prices now couple to the continent via cables — a political sore.
- GDP
- $0.5 tn
- Population
- 5.6 m
- Oil intensity
- 0.2 bbl /$1k
- Oil & gas rent
- 14.0% GDP
- Hydrocarbon trade
- -18.0% GDP
- Fiscal breakeven
- $40 /bbl
- $30 oil shock
- +39.8 pp GDP
- Club
- Independent
Projected oil demand
Regional IEA WEO 2025 oil pathways applied to this country’s 2025 baseline. STEPS 2035 demand 0.2 mb/d (net +1.4) versus NZE 0.1 mb/d (net +0.7).
| Scenario | 2025 | 2030 | 2035 | 2050 |
|---|---|---|---|---|
| Stated Policies | 0.2 | 0.2 | 0.2 | 0.1 |
| Net Zero 2050 | 0.2 | 0.2 | 0.1 | 0.0 |
| Current Policies | 0.2 | 0.2 | 0.2 | 0.1 |