Norway: Crude Oil Market 2024

Crude Oil Market Size in Norway

In 2022, the Norwegian crude oil market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, faced a deep downturn. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Oil Production in Norway

In value terms, crude oil production fell to $X in 2022 estimated in export price. Overall, production, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of X%. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Crude Oil Exports

Exports from Norway

In 2022, overseas shipments of crude petroleum oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, crude oil exports soared to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons), the Netherlands (X tons) and Sweden (X tons) were the main destinations of crude oil exports from Norway, with a combined X% share of total exports. Finland, Germany, Poland, China, France and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude oil exported from Norway were the UK ($X), the Netherlands ($X) and Sweden ($X), with a combined X% share of total exports. Finland, Germany, Poland, China, France and the United States lagged somewhat behind, together accounting for a further X%.

China, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the export price, however, showed a mild descent. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were France ($X per ton) and Sweden ($X per ton), while the average price for exports to China ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Norway

In 2022, purchases abroad of crude petroleum oil decreased by X% to X tons, falling for the third year in a row after three years of growth. In general, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, crude oil imports declined notably to $X in 2022. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of crude oil to Norway, accounting for a X% share of total imports. Moreover, crude oil imports from the United States exceeded the figures recorded by the second-largest supplier, Libya (X tons), threefold. The third position in this ranking was taken by Azerbaijan (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Libya (X% per year) and Azerbaijan (X% per year).

In value terms, the United States ($X) constituted the largest supplier of crude petroleum oil to Norway, comprising X% of total imports. The second position in the ranking was held by Libya ($X), with a X% share of total imports. It was followed by Azerbaijan, with an X% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Libya (X% per year) and Azerbaijan (X% per year).

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, jumping by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X 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 ($X per ton), while the price for the UK ($X 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 (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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