• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 14 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 8 hours Will Uncle Sam Step Up and Cut Production
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 9 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 12 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 2 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 54 mins Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 5 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days China Continued Iran Oil Imports In July In Teeth of U.S. Sanctions
  • 2 days Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
Alt Text

Oil Markets Dominated By Bearish Sentiment

With the latest trade war…

Alt Text

Low Solar Panel Prices Spark Surge In Adoption

Solar energy is experiencing a…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Norway’s Energy Minister Sees Strong Long-Term Demand For Oil

Norway is at the forefront of Europe’s green energy shift, but it is also its biggest crude oil producer. The country has so far juggled successfully with the two opposing concepts of emission-reduction and oil production, and according to its energy minister, it will continue to do so in the decades to come, despite forecasts about impending peak oil demand.

In an interview with Bloomberg, Terje Soviknes said that despite the renewables revolution, it still made sense—financially and morally—to explore for more oil. “I’m not that concerned with when exactly we get peak demand, whether that’s in 2030, ’35, ’40 -- or earlier for that matter. What’s most important is that there’s high demand, and that’s going to be there for decades to come. We must position the Norwegian shelf for that,” he said.

The official acknowledged OPEC’s progress in helping oil’s fundamentals move closer to balance, and said that for Norway, the most immediate threat was the lack of any significant new discoveries to ensure stable oil supply for the near term. In this context, the long-term trends in oil and fuel demand must take a back seat.

State-owned energy major Statoil has been on the hunt for new discoveries for a while now as oil prices rebounded from their trough last year, but it has reported disappointing results at home – its Arctic drilling campaign this year produced no meaningful results and the company said it will be back next summer to drill more.

At the same time, there are large oilfields slated to start pumping crude in the next few years. Johan Sverdrup, which is estimated to hold between 1.9 billion and 3 billion barrels of oil equivalents, is scheduled to start production in 2019. Johan Castberg, with proven reserves of some 400-600 million barrels, should start production in 2022.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play