The Norwegian Illusion
table of contents

The Norwegian Illusion
4Q23 Natural Resource Market Overview
Further Ruminations on Saudi Arabia's Oil Reserves
Is US Oil Production Surging?
Is Gas the New Uranium?
Uranium Mine Supply Faces Challenges
New Copper Technologies
Grain Traders Approach Record Bearish Levels

February 23, 2024

Leigh R. Goehring & Adam A. Rozencwajg

Policymakers use Norway as a poster child for EV adoption. But should they?

Most people don’t realize that Norwegian oil demand fell by a tiny 35,000 b/d since 2010. How can that be if eight out of ten cars sold in Norway are fully electric? Unfortunately, most investors do not appreciate the details of the Norwegian odyssey with electric vehicles. Instead of a poster child, Norway should serve as a warning of the unintended consequences of widespread EV adoption.

In our new letter, we discuss EVs in-depth and explain why oil demand should remain strong for a long time to come.

Investors should take note:
While everyone is worried about “peak demand,” we think that “peak supply” is much more likely. The implications could be tremendous. 

Our newest commentary, The Norwegian Illusion, looks at how oil demand is not at risk from EV penetration for years to come.
Download our Q4 2023 commentary for insight into:

- Saudi Arabia’s recent announcement it will no longer pursue production growth
- Whether US oil supply is actually surging
- Groundbreaking new technologies that could revolutionize the copper industry.

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