GLOBAL OIL

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Norway possesses abundant natural resources including petroleum. It is the world's 3rd largest producer after Saudi Arbia and Russia.

Oil makes up almost 50% of Norway's export revenues. This income combined with wise and efficient economic policies have given Norway one of the highest standards of living in the world.

Almost all Norwegian oil production is located offshore in the storm-wracked waters of the North Sea. Discovering and developing these resources involved many years of expensive and technically-challenging efforts.

The North Sea fields include large reserves of natural gas as well as oil, although production has most likely peaked. Norway and the United Kingdom control most of the blocks.