Norway’s Gas Bonanza Set to Boost Already Gigantic Oil Fund
- Russia’s war in Ukraine led to higher demand for Norwegian gas
- Europe’s fuel need sent Norway’s exports to a record in 2022
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Norway’s windfall natural gas revenue drove the nation’s exports to a record last year in a boon for its $1.3 trillion sovereign wealth fund.
The Nordic country, western Europe’s largest fossil-fuel exporter, boosted its sales of goods abroad to 2.6 trillion kroner ($263 billion) last year, a jump of 87%, Statistics Norway said in a website statement on Monday. Natural gas exports almost tripled to 1.36 trillion kroner, while crude oil sales and fish exports also hit all time-highs.