Commodity market report

Norway downstream oil long-term outlook

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Report summary

Oil product supply from Norway’s two refineries exceeds domestic demand, making Norway a large net exporter of refined products and setting inland market prices at export parity. Norway’s fuels market is highly-concentrated, with the top four companies supplying over 85% of demand. DCC Energy acquired ExxonMobil's Esso branded retail fuels chain in 2017, further fragmenting Norway's downstream supply chain, and there are no longer any integrated refining and fuels marketing players in Norway. Shell sold its fuels marketing businesses to St1 in 2015 and Circle K sold its aviation fuel supply division to Air BP in 2014. We expect gasoline will continue to gain against road diesel on a percentage of fuel consumption basis, but demand for the major transportation fuels in Norway remains in structural decline over the longer-term, as engine efficiency gains and electric car penetration erode gasoline and diesel use in this mature economy.

What's included

This report contains

  • Document

    Norway downstream oil long-term outlook

    PDF 860.41 KB

  • Document

    Executive summary

    PDF 80.08 KB

  • Document

    Demand

    PDF 132.57 KB

  • Document

    Policy and regulation

    PDF 78.76 KB

  • Document

    Trade

    PDF 125.48 KB

  • Document

    Market structure

    PDF 178.37 KB

  • Document

    Margins

    PDF 132.25 KB

  • Document

    Infrastructure

    PDF 471.96 KB

Table of contents

Tables and charts

This report includes 27 images and tables including:

Images

  • Total demand
  • Annual demand change
  • Demand: Image 3
  • Demand by sector
  • Trade balance 2010 - 2016
  • Storage and distribution infrastructure
  • Car parc by fuel type
  • Gasoil and diesel demand by sector
  • Fuel oil demand by sector
  • Main products: monthly unit gross margins 2010 - 2015
  • Means of primary distribution
  • Retail fuel volumes
  • Network size and throughput per site
  • Network effectiveness ratio: ratio of share of fuel sales to share of sites
  • Commercial diesel volumes
  • Norway crude slate - 2016

Tables

  • Key demand indicators
  • Demand forecast (kt)
  • Trade: Table 1
  • Pipeline capacity and ownership
  • Mongstad refinery profile
  • Slagen refinery profile
  • Market structure: Table 1
  • Market structure: Table 2
  • Market structure: Table 3
  • Margins: Table 1
  • Unit net margins

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