Norway Sees Slow Oil and Gas Retreat as Tax System Steers Diversification in Europe’s No. 1 Exporter
Updated
Updated · Bloomberg · Jun 3
Norway Sees Slow Oil and Gas Retreat as Tax System Steers Diversification in Europe’s No. 1 Exporter
1 articles · Updated · Bloomberg · Jun 3
Summary
Finance Minister Jens Stoltenberg said Norway will only slowly move away from oil and gas, arguing the current tax system is already nudging the economy in that direction.
Norway’s fiscal setup should let diversification happen naturally rather than through a sharp policy break, he said in a Bloomberg Newsmakers interview.
Europe’s largest western fossil-fuel exporter has struggled to cut its dependence on petroleum, even as it tries to broaden its economic base.
That transition is complicated by Norway’s expanding role as a supplier to Europe during repeated global energy shocks, which has reinforced the sector’s importance.