Norway Struggles to Diversify Economy as Europe’s Oil and Gas Demand Persists 2 Years After Ukraine Shock
Updated
Updated · Bloomberg · May 30
Norway Struggles to Diversify Economy as Europe’s Oil and Gas Demand Persists 2 Years After Ukraine Shock
2 articles · Updated · Bloomberg · May 30
Norway is finding it harder to shift its economy away from oil and gas as western Europe leans more heavily on its supplies amid fresh energy-security fears.
2 wars — Ukraine and now the Middle East conflict — have reinforced demand for Norwegian fossil fuels by disrupting global supply and raising concerns over reliable deliveries.
That dependence has weakened incentives to diversify just a few years after sanctions on Russia triggered a historic jump in Norway’s fossil-fuel exports.
The result is a broader policy bind: Norway remains under pressure to transition, but Europe’s need for secure energy keeps elevating its role as a key producer.
Has Europe merely swapped its Russian energy dependency for a new reliance on Norway and the US?
Is Europe's energy crisis forcing Norway to abandon its green ambitions for fossil fuel profits?