OSLO - Norway's ruling Labour Party is set to retain its position as the largest party in the Storting (parliament), according to preliminary results from Monday's parliamentary election.

With most votes counted, Labour is projected to secure 53 seats in the 169-member chamber. The right-wing Progress Party has made strong gains, rising to 48 seats, while the Conservatives are on track for 24.

No single party has won an outright majority, pointing to negotiations among political groups over cooperation arrangements. If the emerging balance holds, Prime Minister Jonas Gahr Store is expected to continue in office.

More than 4.05 million Norwegians were eligible to vote in this year's election, a record figure, according to Statistics Norway.

This year's key campaign debates focused on issues including inequality and taxation, energy policy, management of Norway's sovereign wealth fund, as well as housing and public services.

Norway holds parliamentary elections every four years. After the 2021 vote, Labour returned to power and formed a coalition government. However, earlier this year, the Centre Party quit the coalition over disagreements related to EU energy policy, leaving Labour to govern alone.