Norway Doubles Down on Oil and Gas as Europe Scrambles for Supply
Key takeaways
- NG=F Norway, well known for its oil and gas production, has ramped up its fossil fuel output in recent weeks to fill the gap following the closure of the Strait of Hormuz and the ongoing energy trade disruptions.
- Norway appears to have taken on the role of Europe s saviour as it stepped in to replace Middle Eastern oil and gas imports following the closure of a key trade corridor connecting Asia and Europe.
- Norway has since become Europe s largest pipeline gas supplier following the imposition of strict sanctions on Russian energy.
NG=F Norway, well known for its oil and gas production, has ramped up its fossil fuel output in recent weeks to fill the gap following the closure of the Strait of Hormuz and the ongoing energy trade disruptions. While some countries are grateful to Norway for helping alleviate oil and gas shortages, environmentalists have critiqued the move, suggesting that more of a focus must be placed on increasing the region s renewable energy capacity.
Norway appears to have taken on the role of Europe s saviour as it stepped in to replace Middle Eastern oil and gas imports following the closure of a key trade corridor connecting Asia and Europe. The Prime Minister of Norway s Labour-run government, Jonas Gahr St re, explained, It s [Iran] a war that appears to have no plan… In such unpredictable times, Norway needs to be reliable.
Norway previously increased its fossil fuel output following the Russian invasion of Ukraine in 2022, as several European governments stopped purchasing oil and gas from Russia and, instead, looked to Norway to fill the gap. Norway has since become Europe s largest pipeline gas supplier following the imposition of strict sanctions on Russian energy. Now, an estimated 90 to 95 percent of Norway s oil goes to Europe, while the EU attains around one-third of its gas imports from Oslo.