Norway’s Oil Decline Accelerating

New oil projects are being scrapped in Norway amid falling production and low oil prices. Long held up as the model for managing oil abundance, Norway has painstakingly sought to prevent the problems that occur with other natural resource-based economies, such as corruption, slow economic growth, currency appreciation, and subsequently, deindustrialization. Since 1990, Norway has diverted much of its oil earnings to a sovereign wealth fund, which has become the world’s largest. The money, reaching $890 billion as of June 2014, amounts to…

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via OilPrice.com Daily News Update http://ift.tt/1z0BlfC



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