Despite losing 12,000 oil jobs, Norway rides out slump on its £560 billion ‘rainy day’ N. Sea oil fund

Norwegian oil flagBy PAUL BUVARP

In 2013 Norway was ranked the 15th-largest oil producer, and the 11th-largest oil exporter in the world. It is also the biggest oil producer in western Europe.

Norway’s petroleum sector is its most important industry. The petroleum sector accounts for 21.5% of its GDP, and almost half (48.9%) of total exports

Oil is therefore regarded as a vital national resource and is the backbone of the Norwegian economy, though just like in the UK, its best years are in the past.

Production levels have been  dropping since the turn of the century, peaking at 3.5m barrels per day in 2001 to less than 1.9m in 2014.

Read the full Scottish Energy News PLATFORM story – http://goo.gl/yeu4Js

 

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