Norway’s Crude Oil Exports Likely to Cease by 2030, E24 Reports

(Bloomberg) — Norway’s oil production peaked in 2001 and exports are likely to end by 2030, Norwegian business Web site E24 reported, citing a study by Professor Kjell Aleklett at Uppsala University in Sweden.

Production at larger oil fields in Norway has decreased by 13 percent a year, while annual output at other fields has slumped 40 percent, a rate of decline that’s likely to accelerate, Aleklett told E24.


Production should have been limited at 1 million to 2 million barrels of oil a day in 2001, instead of the 3.6 million barrels a day that was produced, Aleklett said, according to E24. This would have extended production to 2050, E24 reported.