SAFE’s Oil Security Index gives readers a detailed breakdown of how change in the production and consumption of oil affects the security of some of the world’s major economies and oil producers. Updated quarterly, the Index is an essential tool for visualizing and comparing the oil security of each country evaluated and includes a spotlight feature on the countries or events influencing the global oil market today.
This latest Index update shines a light on Norway, which was added to the Index rankings in this year’s second quarter update. The Nordic exporter stands out among oil-producing nations for its proactive approach to avoid the “oil curse,” in which the economy and government become overly reliant on crude revenues at the expense of economic diversity.
Norway has taken steps to reduce its vulnerability to shocks in the global oil market by encouraging more efficient consumption at home and lowering the relative importance of oil to its balance of trade. Its state oil fund, managing over $900 billion in assets, is the largest of its kind and has strict spending limits that encourage continued growth and resilience, even when oil prices, and therefore revenues, are low. Norway has also worked to mitigate its own reliance on oil, establishing strong incentives for alternative fuel vehicles, particularly electric vehicles (EVs), and building out public EV charging infrastructure.
To see this quarter’s rankings and a breakdown of U.S. oil security scores, please download the newest Oil Security Index.
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