The Nordic region is a significant net energy exporter. This is due to considerable oil and natural gas extraction in Norway, almost all of which is exported.
Norway is the world’s 5th largest oil exporter and 3rd largest natural gas exporter. Domestic demand for oil and gas in Norway is limited by the population of only 5 million, as well as high taxes on oil products and a moratorium on new natural gas power plants without CCS technology.
Finland, Sweden and Iceland are net importers of oil, while Denmark is a net exporter due to limited offshore extraction.