Norway’s $15 Billion in Oil Bets Is a Show of Faith in Long-Term Demand
Producers are intent on squeezing more barrels from the continental shelf regardless of International Energy Agency forecasts.
Equinor ASA’s offshore drilling platform in the Johan Sverdrup oil field in the North Sea, Norway.
Photographer: Carina Johansen/BloombergThis article is for subscribers only.
Welcome to our guide to the commodities markets powering the global economy. Today, reporter Kari Lundgren looks at why Norway is bullish on long-term oil demand amid some forecasts to the contrary.
OPEC+ isn’t alone when it comes to flooding well-stocked oil markets with even more product. Norway, one of Europe’s key suppliers, is spending more than $15 billion to squeeze barrels from its continental shelf the rest of this decade.