{"id":4274,"date":"2015-01-09T06:36:27","date_gmt":"2015-01-09T11:36:27","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4274"},"modified":"2015-01-09T06:36:27","modified_gmt":"2015-01-09T11:36:27","slug":"oil-losses-force-norway-to-consider-measures-to-back-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4274","title":{"rendered":"Oil Losses Force Norway to Consider Measures to Back Economy"},"content":{"rendered":"<p><a href=\"http:\/\/topics.bloomberg.com\/norway\/\"><span class=\"Apple-style-span\">Oil Losses Force Norway to Consider Measures to Back Economy<\/span><\/a><\/p>\n<p><a href=\"http:\/\/topics.bloomberg.com\/norway\/\">Norway<\/a>\u00a0is considering tapping reserve funds to shield western<a href=\"http:\/\/topics.bloomberg.com\/europe\/\">Europe<\/a>\u2019s biggest oil producer from the worst slump in crude prices in more than half a decade.<\/p>\n<p>Prime Minister Erna Solberg said the government is now \u201con alert\u201d to respond to the rout. \u201cIf the economic situation requires it, we can react quickly,\u201d she said yesterday at a conference in Oslo organized by Norway\u2019s confederation of industry.<\/p>\n<p>A 56 percent plunge in the price of\u00a0<a href=\"http:\/\/topics.bloomberg.com\/brent-crude\/\">Brent crude<\/a>\u00a0since a June high has undermined Norway\u2019s currency and beaten back its stock market. The krone has lost 20 percent against the dollar over the period. Norway\u2019s benchmark equity index is down 9 percent. Oil producers including the country\u2019s biggest,<a class=\"web_ticker\" title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/STL:NO\">Statoil ASA (STL)<\/a>, and service companies have already cut thousands of jobs to adjust and unions are calling for government measures to protect the industry.<\/p>\n<p>\u201cThe decline has been stronger and gone faster than we had expected,\u201d Eldar Saetre, chief executive officer of state-backed Statoil, said yesterday in an interview. \u201cThe development we\u2019re seeing is a reminder that we\u2019re in a cyclical industry, and that we need to have a cost level in this industry that can sustain these types of cycles and let us be competitive over time.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil Losses Force Norway to Consider Measures to Back Economy Norway\u00a0is considering tapping reserve funds to shield westernEurope\u2019s biggest oil producer from the worst slump in crude prices in more than half a decade. Prime Minister Erna Solberg said the government is now \u201con alert\u201d to respond to the rout. \u201cIf the economic situation requires [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[246,1241,1775,2515,1138],"class_list":["post-4274","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-economy","tag-norway","tag-oil-price-collapse","tag-statoil","tag-stock-market"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4274"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4274\/revisions"}],"predecessor-version":[{"id":4275,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4274\/revisions\/4275"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}