Norway receives $2.58 Billion More Revenue from Oil in 2024

Norway earns NOK 29 billion more in tax income from oil than planned (equal to 2.58 billion USD).

The oil tax for 2024 is likely to be higher than predicted. The state will get NOK 29 billion more from the oil firms than anticipated.

The Norwegian Tax Administration raised the estimated petroleum tax for last year from NOK 352 billion to NOK 381 billion, or an 8.2 percent increase.

However, oil tax receipts are down from the prior year. In 2023, the ultimate tax determined was NOK 465 billion.

These tax proceeds are directed to the Government Pension Fund Global, often known as the Oil Fund, so that they benefit both current and future generations.