Stoere Re-elected, Vows Reliable Energy Supply as Greens Push Oil Phase-out

Lead Prime Minister Jonas Gahr Stoere’s centre-left bloc narrowly retained power in Monday’s parliamentary election, pledging to remain Europe’s dependable oil and gas supplier, even as the Green Party demands a full petroleum phase-out by 2040.

Nut Graf Norway’s Labour-led coalition clinched 89 of 169 Storting seats, securing a slim majority and triggering complex coalition talks. Energy policy and climate action dominated both campaign and post-election debate, highlighting tensions between economic interests and environmental commitments.

Main Developments Subheading: Election Outcome and Coalition Prospects

  • Labour-led bloc wins 89 seats, defeating the Progress Party-Conservative alliance with 80 seats.
  • Coalition negotiations must now accommodate the Centre, Socialist Left, Greens and Red parties to govern.

Subheading: Energy Security Pledge

  • Stoere affirmed on Tuesday that Norway will continue oil and gas exploration to supply roughly one-third of Europe’s natural gas needs.
  • He emphasized balancing technological innovation, emissions reductions and climate pledges alongside continued hydrocarbon production.

Subheading: Green Party’s Phase-out Demand

  • The Greens more than doubled their representation to seven seats and insist on halting new exploration immediately and ending all petroleum operations by 2040.
  • Party leader Arild Hermstad warned that climate concerns must outweigh fossil-fuel interests in coalition policy.

Subheading: Sovereign Wealth Fund in Spotlight

  • Finance Minister Jens Stoltenberg urged preserving the $2 trillion fund’s current strategy of allocating half its assets in U.S. markets, despite U.S. pressure over ethical divestments, notably from Caterpillar.
  • He stressed insulating ethical decisions from political influence to safeguard Norway’s long-term investment framework.

Subheading: Security Tensions in Arctic Waters

  • U.S. destroyers USS Mahan and USS Bainbridge, operating alongside the Royal Norwegian Navy, were shadowed by a Russian warship and an IL-38 patrol aircraft during exercises in the High North, underscoring regional security stakes.

Outlook Behind Stoere’s narrow victory lies a fragile alliance that must reconcile competing priorities: preserving oil-driven prosperity, steering a massive sovereign wealth fund, and meeting ambitious climate goals in one of Europe’s key energy exporters.