Oil and gas production in Norway in May exceeded the government’s expectations. This became known from a statement by the Norwegian Offshore Directorate (NOD) on June 23.
In May, oil production in Norway amounted to 1.7 billion barrels per day, exceeding the government’s expectations of 1.6 billion barrels. Although this figure is lower than last year’s result of 1.8 billion barrels, the overall oil and gas production in the country was 2.9% higher than official forecasts. Gas production reached 303 million cubic meters per day, which is 4.1 million more than in May last year, but still fell short of the government’s projected results by 0.3%.
Norway, as one of the largest energy suppliers in Europe, continues to maintain a high level of production, which is an important factor in the global energy market. The increase in production in Kuwait and the easing of sanctions on Iranian oil by the US add important context to this dynamic.
| Indicator | May 2023 | May 2022 | Forecast |
| Oil production (billion barrels/day) | 1.7 | 1.8 | 1.6 |
| Gas production (million cubic meters/day) | 303 | 298.9 | 304.9 |
