Norway Struggles to Diversify Its Economy Hooked on Oil and Gas

Norway faces dwindling incentives to transition its economy away from oil and gas as it is becoming an ever more critical producer for western Europe due to global energy supply shocks.

Just a couple of years after a historic boost to the nation’s fossil fuel exports over Ukraine war-related sanctions against Russia, demand for Norway’s resources is set to persist with another war, in the Middle East, again heightening security of supply worries.

Successive governments on both sides of the political spectrum have pledged to reduce Norway’s dependence on oil and gas — highlighted by experts as a priority for ...