Norway Eases Off Dipping Into World’s Biggest Piggy Bank
- Withdrawal seen at $2.6 billion, 71% below earlier estimate
- Revised budget based on $65/barrel oil price assumption
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Norway expects to withdraw less from its giant sovereign wealth fund this year as a recovery in oil prices is boosting the country’s coffers.
Western Europe’s biggest oil and gas producer is turning the page on the oil industry’s deepest downturn in at least a generation after output cuts from OPEC and others, coupled with geopolitical tensions, have supported a recovery in crude prices.