Norwegian oil production slipped 0.2 % in February as output fell slightly by 3,000 barrels per day (bpd) compared to January, averaging 1.97 million bpd, according to preliminary figures from the Norwegian Offshore Directorate. Production came in 262 kbpd higher than a year earlier, when oil output totaled 1.708 million bpd.

Total liquids production on the Norwegian continental shelf averaged 2.176 million bpd last month, including 1.97 million bpd of oil, 188,000 barrels of natural gas liquids (NGL), and 18,000 barrels of condensate.

Oil output came in 5.7 % above the Directorate`s forecast, exceeding expectations by 106 kbpd. Total liquids were 4% above forecast, or 83 kbpd above projections.

The Norwegian Offshore Directorate expects crude production to fall in the first half of 2026, before climbing after the maintenance season in the summer.

Gas Production

Norwegian gas output fell to 355.1 million standard cubic meters (Msm³) a day in February, down from 364.6 Msm³ in January. Production fell short of the Directorate’s forecast by 2.1%, with expectations set at 362.8 Msm³ a day for the month.

Forecasts indicate gas production will ease in the first half of 2026, averaging about 337 Msm³ a day in the first 6 months. After maintenance season, gas production is expected to climb to an average of 348 Msm³ a day in the second half of 2026.

No more spare capacity

During the 2022 energy crisis, Norway stepped in as Europe’s emergency supplier, boosting exports by nearly 10%. The Scandinavian producer ramped up production and adjusted maintenance schedules on the Norwegian continental shelf.

Since overtaking Russia as Europe’s biggest gas supplier in 2022, Norway has remained the backbone of European energy security. In 2024, the country exported gas volumes equal to more than 30% of total consumption in the EU and the UK. Crude flows are similarly critical: almost all Norwegian oil is exported, and Europe typically absorbs 70–80% of those barrels.

The escalating conflict in the Middle East has caused a 95% drop in traffic through the Strait of Hormuz, tightening supply and sending Brent back over the $100 mark. With key export routes under threat and volatility rising, traders have been looking for stable producers for relief.

They won’t find it in Norway

Equinor CEO Anders Opedal told Reuters that the state?controlled energy giant has no spare oil or gas capacity to bring online in response to the latest supply shock. After two years of elevated output, the Norwegian shelf is already running flat out.

For a market once again facing geopolitical risk and tightening fundamentals, the message is clear:

Europe’s most reliable supplier has nothing left to give.

By Jan-Thore Bergsagel for Oilprice.com

More Top Reads From Oilprice.com

Iraq Negotiates with Iran to Reopen Vital Oil Shipping Route

Oil Price Shock Forces India's Top Refiners to Suspend Fuel Credit

Standard Chartered Predicts Oil Prices Will Remain Higher For Longer

Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.

You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.