I mean, they have oil: but do they commonly export that in the same manner as the GCC nations? Since for instance, countries like UAE, Kuwait or Oman export most of their crude oil to major markets across the world. Is it expensive to export Norwegian oil in comparison to Middle Eastern crude oil just based on geography and logistics?

  • Bronzie@sh.itjust.works
    7·
    2 days ago

    I’d say both yes and no.

    Not as dependant on it to completely hit the definition, but it’s still a relatively high source of income.
    The big difference is that our income is invested globally through Oljefondet (Statens Pensjonsfond Utland), so today we are much more vulnerable to financial instability than we are to fluctuating oil and gas prices.

    Export prices are not that high as there are pipelines in the North Sea and relatively short trips to our European neighbours, but our extraction price is on average about twice that of e.g. Saudi, at about $20-25 per barrel vs $10.
    Still a lot lower than in the US and UK.

    Another upside is that the North Sea oil is relatively light and sweet, making it easier and cheaper to crack into sellable products.

    Hope I answered all your questions, if not just ask again.