Norway is the world's third largest exporter of crude oil and ranks sixth among oil producers (NGL included).

Norway's aim is to promote stability and predictability in the oil market and to maintain a reasonably high oil price. This will strengthen the basis for investments on the Norwegian continental shelf and improve the energy security of oil-consuming countries. In recent years we have learnt that a low oil price, even for a short period of time, has negative consequences for new activity on the Norwegian continental shelf.

Regulation of Norwegian crude oil production will be a possibility in the future in order to maintain high activity on the continental shelf. The government will follow developments in the oil market and regulate crude oil production if an imbalance in the market is expected to have a negative impact on activity on the Norwegian continental shelf.

Regulation of Norwegian crude oil production will be a temporary arrangement in response to an exceptional market situation, and will not be a permanent element of the Norwegian market policy. Norway will not enter into any formal co-operation with other producing countries on production regulation.