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Norway to triple fuel reserves following report recommendations
🇳🇴 Norway /Energy & Infrastructure

Norway to triple fuel reserves following report recommendations

From Aftenposten · () Norwegian

Translated from Norwegian, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • A new report recommends Norway significantly increase its fuel reserves, from 20 days to 61 days of domestic consumption.
  • The recommendation comes amid a more uncertain global climate, with fuel deemed crucial for national preparedness and essential services.
  • The government plans to propose measures to bolster fuel security in its 2027 state budget, with an initial increase to 45 days.

Norway's government intends to bolster the nation's fuel reserves, responding to recommendations from a new report that calls for a near-tripling of current stockpiles. The proposal aims to increase reserves from the existing 20 days to 61 days of domestic consumption, a move deemed essential in an increasingly volatile global landscape.

"We live in a more turbulent time than before. Fuel is crucial for preparedness, business, and access to important societal services," stated Minister of Trade and Industry Cecilie Myrseth in a press release. The report, commissioned by the government and prepared by the consulting firm Oslo Economics, concludes that Norway's current fuel reserves are insufficient to withstand prolonged supply disruptions.

We live in a more turbulent time than before. Fuel is crucial for preparedness, business, and access to important societal services.

— Cecilie MyrsethThe Minister of Trade and Industry explains the rationale behind increasing fuel reserves.

The current 20-day reserve level is lower than that of many other International Energy Agency (IEA) member countries. This is partly attributed to Norway's status as a net exporter of petroleum. The report suggests a phased approach to increasing reserves, starting with an initial boost to approximately 45 days through domestic storage.

Following this initial phase, the goal is to reach the 61-day target by combining domestic storage with agreements for international storage. "The report shows that strengthened fuel preparedness is a wise and necessary measure," Myrseth added. The government is expected to present its proposal for implementing the report's recommendations alongside the state budget for 2027.

The report shows that strengthened fuel preparedness is a wise and necessary measure.

— Cecilie MyrsethMinister Myrseth comments on the findings of the new report.
DistantNews Editorial

Originally published by Aftenposten in Norwegian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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