Norway: Crude Oil Market 2024

Crude Oil Market Size in Norway

The Norwegian crude oil market was finally on the rise to reach $X in 2022, after three years of decline. Overall, consumption, however, saw a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in Norway

In value terms, crude oil production reduced to $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume increased by 10%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports from Norway

After two years of growth, overseas shipments of crude petroleum oil decreased by -3% to X tons in 2022. The total export volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 22%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then reduced modestly in the following year.

In value terms, crude oil exports surged to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 82% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

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 64% share of total exports. Finland, Germany, Poland, China, France and the United States lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +97.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the Netherlands ($X) and Sweden ($X) appeared to be the largest markets for crude oil exported from Norway worldwide, together accounting for 64% of total exports. Finland, Germany, Poland, China, France and the United States lagged somewhat behind, together accounting for a further 29%.

Among the main countries of destination, China, with a CAGR of +122.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, growing by 43% against the previous year. Overall, the export price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 70%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Poland ($X per ton) and China ($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 (+12.7%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Norway

Crude oil imports into Norway shrank remarkably to X tons in 2022, dropping by -51.3% against the year before. In general, imports, however, continue to indicate a noticeable increase. The growth pace was the most rapid in 2017 when imports increased by 114%. Over the period under review, imports hit record highs at X tons in 2021, and then dropped markedly in the following year.

In value terms, crude oil imports contracted remarkably to $X in 2022. Overall, imports saw a noticeable decrease. The growth pace was the most rapid in 2017 with an increase of 176%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 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, with a 72% share of total imports. Moreover, crude oil imports from the United States exceeded the figures recorded by the second-largest supplier, Libya (X tons), fivefold. Azerbaijan (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +28.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Libya (0.0% per year) and Azerbaijan (0.0% per year).

In value terms, the United States ($X) constituted the largest supplier of crude petroleum oil to Norway, comprising 55% of total imports. The second position in the ranking was held by Libya ($X), with a 27% share of total imports. It was followed by Azerbaijan, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +25.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Libya (0.0% per year) and Azerbaijan (0.0% per year).

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, rising by 22% against the previous year. In general, the import price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 29%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Libya ($X per ton), while the price for the United States ($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 (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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