More billions roll into crisis funding

NEWS ANALYSIS: It took years of debate before Norwegian politicians agreed to spend a few billion kroner on projects like a new gateway airport or national museum. Now those pricetags seem like small change compared to the hundreds of billions of state funding committed during just the past two weeks, to offset the ill effects […]

‘Historic’ collapse in North Sea oil price

A barrel of Norway’s North Sea crude oil was selling for USD 22.85 Monday morning, the lowest price since the spring of 2003. Nearly two decades of gains have been wiped out, leading to another gloomy opening for the Oslo Stock Exchange this week. Even though several Norwegian oil analysts have predicted that North Sea […]

Oslo stocks and oil price dive again

The Oslo Stock Exchange (OSE) ended a rollercoaster week back down in the dumps on Friday, with its main index down 3.64 percent and the oil price down nearly 7 percent. That slide left oil trading at less then USD 25 a barrel Friday evening, more bad news for Norway’s oil-fueled economy. The OSE index […]

Equinor cuts costs as oil price dives

Norway’s state oil company Equinor announced NOK 33 billion worth of budget cuts on Wednesday, just before oil prices fell again. CEO Eldar Sætre insists the company remains strong, but needs to cut back on investments, oil exploration and operations in order to stay that way. The cuts came on a day when the price […]

Unemployment hits new post-war high

Norway’s state welfare agency NAV was clobbered again on Monday with 20,400 more applications for unemployment benefits. They’ve now soared to a stunning 243,000 since a state shutdown began to corral the Corona virus, with one economist estimating that the unemployment rate is now probably over 11 percent. NAV put it at 10.4 percent on […]

Markets sag once again

The Oslo Stock Exchange started the week with another sharp decline for the third week in a row. Its main index was down 4.9 percent at Monday’s close of trading, to 635.93, and the price of Norway’s most important export commodity fell again, too. The price of a barrel of North Sea crude oil was […]

Norway equipped to tackle Corona crisis

The Oslo Stock Exchange (OSE) suffered through another terrible day on Monday, as the price of Norway’s biggest export product, oil, also sank to less than half its value just earlier this month. Despite a steady stream of layoff notices, not least at Norwegian Air, even one of Norway’s most critical commentators thinks few countries […]

State rides to the Corona rescue

The usually quarreling parties in Parliament set aside political differences on Monday and got the government to further sweeten its economic crisis package for Norwegian businesses and workers. After working through the night, they announced unprecedented measures to help get Norway through its biggest national emergency since World War II. As the Oslo Stock Exchange […]

Solberg launches huge crisis fund

Prime Minister Erna Solberg is now offering a Corona crisis fund worth at least NOK 100 billion (USD 10 billion), with half of it earmarked for small- and medium-sized businesses and the other half for large companies. The goal is to help them survive the country’s worst economic downturn in many years. “We are in […]

Interest rates cut, shares rebounded

After another terrible day for the Oslo Stock Exchange on Thursday, its main index bounced back Friday morning, up more than 2 percent as trading opened. Investors clearly responded to a Norwegian central bank board decision to cut interest rates by a half-point. The decision was made at an extraordinary meeting of the Monetary Policy […]