Oil Prices 'Sinking Like a Rock', Norway to Lose Billions
BUSINESS
11:16 15.11.2018https://sptnkne.ws/kabD
Oil in Turmoil (134)
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Since the beginning of October, the price of North Sea oil has fallen by around $17 per barrel. This is tantamount to a daily loss of $21 million for Norway.
While Norway is one of the top investors in high tech and "green" innovations, Norway's economy remains heavily reliant on oil and gas extraction and at the mercy of fluctuations in global oil and gas prices.
According to the national budget, a mere $1 drop in global oil prices per barrel implies a loss of $470 million for the state revenues.
Since its last peak in early October, the price of North Sea oil has fallen by about NOK 150 kroner ($17) per barrel amid a strengthening dollar. Norwegian national broadcaster NRKdescribed the prices as "sinking like a rock."