Norway Revises 2026 Budget After Oil Revenue Drop

The Norwegian government is set to present a revised national budget for 2026 in May, a traditional process in the country's fiscal calendar. Lower-than-expected oil prices during the first quarter of 2026 have forced these adjustments, with Brent crude averaging $68 per barrel, well below the forecast of $75. Finance Minister Trygve Slagsvold Vedum confirmed on April 23 that the government will deliver the revised 2026 state budget on April 28. Oil revenues, which fund roughly 20 percent of Norway's state spending, are now projected to be 45 billion kroner lower than originally budgeted. This shortfall is attributed directly to the drop in crude prices. The Ministry of Finance is considering several measures to address the revenue gap, including delaying infrastructure projects and reducing transfers to the Government Pension Fund Global. The opposition Labour Party has called for a temporary windfall tax on renewable energy profits as one way to compensate for the lost oil income. Norwegian media will preview the budget revision from April 24 through April 26, providing early insight into the government's planned spending cuts or possible tax changes. The announcement on April 28 will clarify the specific adjustments to the national budget.