Thanks to its oil, Norway has the largest sovereign wealth fund in the world, 1,000 billion dollars, the profits of its production of oil and gas hydrocarbons. The largest producer of hydrocarbons in Western Europe, oil and natural gas enrich this sovereign fund, a real nest egg for the country and the State, which can use it to finance its budget. .
With oil, gas and fishing, Norway benefits from an exceptional GDP which favors Norwegian society as a whole, it is also said that the Norwegian taxpayer has in the bank, the equivalent of a year of salary. This country, a gas supplier, has certain deposits which are not yet exploited. France and the Netherlands are among Norway’s customers.
Norway is the world’s 7th largest producer and 2nd largest exporter of natural gas and 14th largest oil producer. The Norwegian sovereign wealth fund earned around 158 billion euros in 2020, a return of 14.5%, the Bank of Norway announced at the end of January 2022.
This country posted 4.2% growth last year, excluding hydrocarbons, and its overall GDP, which includes hydrocarbons and maritime transport, grew by 3.9% in 2021. The Norwegian state can use 3 % of the value of the funds, each year, to finance its budget. Thus the Norwegian standard of living is one of the highest in Europe.
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Norway lifted its last anti-Covid restrictions on Saturday February 12, by removing the instructions for social distancing, wearing a mask, no test or vaccine are no longer required to travel to Norway.
This country is a member of the European Economic Area, but has never become a member state of the EU, even if it must apply in its national law all decisions of the European Union. However, on two occasions, Norwegian voters have refused, by referendum, their country’s entry into the European Union. Finally, Norway has a strong European influence in the field of fishing areas, as does Iceland, a member of the European Economic Area, as well as a strong economic weight in the cod sector.
As for its geographical position, this country shares a border with Russia, part of which is close to the Murmansk submarine base and the Kolima peninsula. Relations between the two countries are secular, Norway is in competition with Russia for hydrocarbons. The current state of the European continent, faced with the crisis between Russia and Ukraine, means that Norway would also be an option for the supply of gas and oil to the European Union.
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If the Nobel Prizes are awarded in Sweden in Stockholm, the Nobel Peace Prize is awarded in Oslo, Norway. This country is part of the global actors acting for peace in the world, an advocate and a facilitator. This is the reason why Norway received a delegation of Afghan Taliban, from January 23 to 25, for meetings with Norwegian, European and American diplomats and representatives of Afghan civil society.
These discussions were held on the dramatic humanitarian situation in Afghanistan, as well as on the issue of women’s rights. Norwegian Foreign Minister Anniken Huitfeldt said: “We are extremely concerned about the serious humanitarian situation in Afghanistan where millions of people are facing a humanitarian disaster of great magnitude”.
It must be said that famine is now threatening 23 million Afghans, or 55% of the population, according to the UN, and this humanitarian crisis requires 4.4 billion dollars to deal with it. However, faced with this humanitarian approach, Anniken Huitfeldt specified that this Norwegian action “does not constitute legitimization or recognition of the Taliban”. For now, if the Norwegian action has had the merit of being made, nothing tangible has appeared.