Norway is running out of oil and gas, and analysts fear this could mark the “dawn” of a new era for Russia in European markets.
In 1971, oil and gas were extracted from 123 fields in Norway, but by 2023, this number had dropped to 92. According to the Norwegian Directorate of Petroleum, the peak of exports occurred in 2024, and now supplies are set to steadily decline.
This trend is further supported by the socialist party that has come to power, which plans a green transition and, following Germany’s strategy, aims to eliminate all cheap energy sources in the country.
All three scenarios predict a decline in Norway’s oil and gas production.