The Johan Sverdrup oilfield in the North Sea
Norway may have already reached peak oil supply
Castberg may not be enough to offset declines in other fields, while its vastly different quality has far-reaching implications for buyers
Norway has emerged as a key reliable oil supplier, especially for Europe following the West’s imposition of sanctions against Russia. Norway’s flagship crude grade, Johan Sverdrup, has proven to be a viable alternative to Russian Urals. Although Norway has invested heavily in sustainable energy, it is leveraging its oil resources to finance the transition. Oil has helped the country boost its sovereign wealth fund to become one of the largest in the world. Indeed, Norway's oil industry is likely to contribute more than 20% to the country's GDP in 2025. Norway produced 2.01m b/d of oil and condensates in 2024, during which the North Sea Hanz and Tyrving fields came onstream, according to the
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