In favour of the environment, the largest party of the Norwegian Parliament withdrew support for the exploration of oil from the archipelago in the Lofoten Islands, located in the Arctic Circle. The region for years has undergone several shields in the agreements and is estimated to have about 1 to 3 billion barrels of oil, which would further boost the Norwegian oil market.
With the increase of its petroleum fund, around US $1 trillion, the value will be designated for renewable techniques, such as solar and wind, since the country ceased to invest in more than 134 oil and gas exploration companies.
Currently, Norway produces about 1.6 million barrels of oil per day and is among the 20 largest producers in the world.
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