Norway - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingCrude Oil Price in Norway - 2023
Contents:
- Crude Oil Price in Norway (FOB) - 2023
- Crude Oil Price in Norway (CIF) - 2022
- Crude Oil Exports in Norway
- Crude Oil Imports in Norway
Crude Oil Price in Norway (FOB) - 2023
In August 2023, the average crude oil export price amounted to $611 per ton, rising by 5.8% against the previous month. Over the period under review, the export price, however, continues to indicate a mild decline. The pace of growth was the most pronounced in July 2023 an increase of 7.1% month-to-month. Over the period under review, the average export prices hit record highs at $749 per ton in August 2022; however, from September 2022 to August 2023, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major external markets. In August 2023, the highest price was recorded for prices to Sweden ($651 per ton) and the UK ($618 per ton), while the average price for exports to Poland ($580 per ton) and Italy ($581 per ton) were amongst the lowest.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-1.6%), while the prices for the other major destinations experienced a decline.
Crude Oil Price in Norway (CIF) - 2022
The average crude oil import price stood at $778 per ton in 2022, surging by 58% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $834 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($845 per ton), while the price for the UK ($375 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.1%), while the prices for the other major suppliers experienced mixed trend patterns.
Crude Oil Exports in Norway
After three years of growth, shipments abroad of crude petroleum oil decreased by -3% to 78M tons in 2022. The total export volume increased at an average annual rate of +8.2% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 24% against the previous year.
In value terms, crude oil exports skyrocketed to $57.5B in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 84% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.
| Export of Crude Oil in Norway (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 11.1 | 6.9 | 12.2 | 18.1 | 17.7% |
| Netherlands | 6.0 | 3.1 | 6.6 | 10.3 | 19.7% |
| Sweden | 2.8 | 3.4 | 5.9 | 8.4 | 44.2% |
| Finland | 0.6 | 0.5 | 0.7 | 5.0 | 102.7% |
| Germany | 2.6 | 1.1 | 1.8 | 4.5 | 20.1% |
| Poland | 0.2 | 0.1 | 0.6 | 3.1 | 149.3% |
| China | 1.4 | 3.9 | 6.1 | 3.0 | 28.9% |
| France | 0.9 | 0.6 | 1.0 | 1.1 | 6.9% |
| Denmark | 1.0 | 0.4 | 0.5 | 0.9 | -3.5% |
| Spain | 0.7 | 0.3 | 0.8 | 0.4 | -17.0% |
| Others | 1.9 | 2.3 | 5.3 | 2.6 | 11.0% |
| Total | 29.3 | 22.6 | 41.5 | 57.5 | 25.2% |
Top Export Markets for Crude Oil from Norway in 2022:
- United Kingdom (24.9M tons)
- Netherlands (13.8M tons)
- Sweden (10.9M tons)
- Finland (6.7M tons)
- Germany (5.9M tons)
- Poland (4.3M tons)
- China (4.2M tons)
- France (1.4M tons)
- Denmark (1.2M tons)
- Spain (0.6M tons)
Crude Oil Imports in Norway
For the third year in a row, Norway recorded decline in purchases abroad of crude petroleum oil, which decreased by -76.3% to 585K tons in 2022. Over the period under review, imports saw a significant contraction. The smallest decline of -11.6% was in 2020.
In value terms, crude oil imports fell rapidly to $455M in 2022. Overall, imports recorded a dramatic curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year.
| Import of Crude Oil in Norway (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 494 | 169 | 655 | 249 | -20.4% |
| Libya | N/A | N/A | N/A | 124 | 0% |
| Azerbaijan | N/A | N/A | N/A | 66.7 | 0% |
| United Kingdom | 330 | 209 | 329 | 15.7 | -63.8% |
| Russia | 171 | 27.6 | 26.4 | N/A | -60.7% |
| Nigeria | 252 | 337 | 20.0 | N/A | -71.8% |
| Angola | 127 | 109 | N/A | N/A | -14.2% |
| Brazil | 198 | 57.0 | 99.3 | N/A | -29.2% |
| Others | 140 | 128 | 85.1 | N/A | -22.0% |
| Total | 1,714 | 1,036 | 1,214 | 455 | -35.7% |
Top Suppliers of Crude Oil to Norway in 2022:
- United States (294.1K tons)
- Libya (158.6K tons)
- Azerbaijan (90.1K tons)
- United Kingdom (41.9K tons)
This report provides an in-depth analysis of the crude oil market in Norway. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- Norway
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Norway
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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This report provides an in-depth analysis of the crude oil market in Norway.
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This report provides an in-depth analysis of the market for crude oil and processed petroleum in Norway.
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This report provides an in-depth analysis of the global crude oil market.
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This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
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This report provides an in-depth analysis of the crude oil market in Norway.
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This report provides an in-depth analysis of the market for crude oil and processed petroleum in Norway.
399
This report provides an in-depth analysis of the global crude oil market.
127
This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
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Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
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Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
