Norwegian energy giant Equinor ASA says oil output from its massive Johan Sverdrup field in the North Sea is expected to fall by more than 10% in 2026 compared with 2025 levels.
Johan Sverdrup has been a key source of North Sea oil supply growth over the past decade. A significant output drop could tighten the supply balance if demand growth remains resilient or other major producers don’t fill the gap.
Europe relies on Sverdrup and other Norwegian fields for a large share of its crude needs. A substantial decline may force refiners to source more oil from farther afield, potentially raising logistical costs and affecting regional energy security.