Oil prices soar along with oil shares

The price of Norway’s crude oil was up 10 percent Monday morning, and even higher than that earlier, as markets opening for the week reacted to a drone bombing of Saudi Arabia’s huge oil processing plant over the weekend. High oil prices pump much more money into Norway’s economy, but analysts weren’t exactly celebrating. “We’ve […]

Oil price dives as do shares, krone

Shares traded on the Oslo Stock Exchange fell another 2.5 percent on Thursday, while the price of Norway’s North Sea crude oil remains in what many analysts were calling a “free-fall.” That, along with fears of higher interest rates in the US, has also sent Norway’ currency, the krone, to its weakest level against the […]

‘Krone’ weakens on a lower oil price

It cost more than NOK 8.60 to buy one US dollar on Tuesday, after the Norwegian currency weakened once again. Low oil prices are to blame, along with international unrest in general. “I’m not surprised the krone is where it’s at, in light of the oil price and risk aversion in the market,” Nils Kristian […]

‘Krone’ weakens as oil prices fall

Norway’s krone has been losing value again this week, after oil prices sunk back to where they were last spring. It cost just over NOK 8.50 to buy one US dollar Wednesday afternoon, even after oil prices slightly recovered. The price of a barrel of Norway’s North Sea crude oil, the country’s most important export […]

Oslo Stock Exchange tops all the others

The Oslo Stock Exchange (Oslo Børs) has provided better returns for investors this year than any other stock exchange in the world. The small but financially mighty bourse reflects the effect rising oil prices have had on the resurgent Norwegian economy, and even the economic redevelopment of the neighbourhood surrounding it. Surrounded by a fenced-in […]

Oil industry meets amid new ‘bonanza’

Thousands of oil industry players from all over the world are in Stavanger this week for the latest Offshore Northern Seas (ONS) exposition, and the mood could hardly be better. It was only fitting that the price of a barrel of North Sea crude jumped back up to USD 76 this week, adding to optimism […]

Oil industry faces labour shortage

The rapid recovery of Norway’s oil industry is suddenly leaving some offshore oil and oil service companies short of workers. State welfare and employment agency NAV reports that a labour shortage is beginning to resurface in several sectors, with the decline in unemployment greatest among engineers and information technology experts. Unemployment in Rogaland County on […]

Equinor poised for ‘extreme’ profits

Massive cost-cutting in recent years and rising oil prices can lead to “extreme profitability” for Equinor, Norway’s state-controlled oil and energy firm that recently changed its name from Statoil. One Oslo analyst thinks the company can earn more money during the next two years than it has in the last 17 together. “Equinor has spent […]

Offshore strike hits nine oil platforms

The large labour organization representing offshore oil platform workers, Safe, failed to come to terms over pensions with the organization representing oil platform- and shipowner, Rederiforbundet. The union therefore called 669 of its members working on nine rigs out on strike during the night. News bureau NTB reported that negotiations extended for more than an […]

Summer holidays close to home

Hundreds of thousands of Norwegians launched their annual summer holidays over the weekend, which marked the start of the three-week period known as fellesferie. The myth that “everyone” heads for southern Europe or farther afield isn’t true, though, with three out of five Norwegians planning to stay in Norway, some of them in rather primitive […]