The last day of trading prior to Norway’s five-day Easter holidays ended with the Oslo Stock Exchange’s main index falling 1.34 percent, to 734.38. The Norwegian market once again was influenced by an oil price drama that wasn’t resolved by closing time, and also involved controversial calls for tax breaks from the country’s biggest and […]
Oslo stocks and oil price dive again
March 27, 2020
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
March 25, 2020
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 […]
Spirits rose, then fell along with market
March 10, 2020
UPDATED: Gloom and doom headlines about Monday’s spectacular stock market dive in Oslo turned more optimistic on Tuesday, as Norway’s all-important oil price rose more than 7 percent by midday and the Oslo Stock Exchange (OSE) was up again too. But then it fell back again, with several shocked companies still warning about possible layoffs […]
Norway caught in the oil price collapse
March 9, 2020
Norwegian analysts, economists, state officials and not least business leaders were bracing for the worst after oil prices collapsed over the weekend. With the price of a barrel of Norway’s North Sea crude oil down nearly 30 percent during the night, the country woke up to an even weaker currency and fears of heavy stock […]
Oil fund sets new record as new chief looms
February 27, 2020
Norway’s so-called “Oil Fund,” fueled with oil revenues over the past 20 years, chalked up its best year ever last year, boosting its value by another NOK 1,692 billion. The results allow Oil Fund chief Yngve Slyngstad, who has signalled his looming resignation to take on other duties at Norges Bank, to go out on […]
Equinor gives up drilling down under
February 25, 2020
After years of massive protests that also hurt Norway’s national reputation, state oil company Equinor is dropping plans to drill for oil and gas off the southern Australian coast. Environmentalists, climate activists and local surfers were jubilant, even though Equinor cited purely commercial reasons for its decision. “Following a holistic review of its exploration portfolio,” […]
Norway is ‘not as rich as it thinks’
February 14, 2020
Norway’s central bank chief made some economically sobering remarks in his closely watched annual address to the country’s elite Thursday evening. Even though the Norwegian economy remains strong, he stressed that trade deficits are rising, the country’s krone is historically weak, and politicians are leaning too heavily on Norway’s so-called Oil Fund meant to fund […]
Norway on edge over its own ‘ice edge’
February 13, 2020
NEWS ANALYSIS: Norway is caught in the midst of battle over its so-called Arctic “ice edge,” which experts claim really isn’t an edge at all. It’s rather meant to define a particularly sensitive area of the Arctic under Norway’s control, but that doesn’t necessarily mean it will be protected from oil and gas activity despite […]
‘Sell off Equinor’s foreign operations’
February 11, 2020
Investment funds and analysts aren’t the only ones questioning the long-term value of Norway’s state oil company Equinor. Now a member of the Norwegian Parliament is renewing calls to spin off and sell Equinor’s international operations, claiming they present both political and financial risk and often don’t adhere to Norway’s climate goals. “I see few […]
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