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Norwegian Oil Production Forecast for 6.9% Increase in 2023


Norway expects its oil output to increase by 6.9% this year as Johan Sverdrup ramps up production.

  • Gas volumes are expected to remain unchanged near record highs.
  • Production of crude oil and other petroleum liquids are likely to increase to 2.02 million bpd in 2023 from 1.89 million last year.
  • Production is forecast to continue to rise in the following years, hitting a two-decade high of 4.3 million boed in 2025, just shy of a record 4.54 million barrels produced in 2004.
  • The country's gas output is expected to stay virtually unchanged in 2023 at 122 bcm or 2.1 million boed.

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