Stavanger, Norway—Norway remains hopeful that the global oil prices will recover, with current levels “unsustainable” to fuel the spending needed to future oil demand, the country’s oil minister Tord Lien said this week. The plunge in oil prices from levels of over $100/barrel in mid-2014 has hurt Norway badly, with a raft of projects delayed or canceled. But Lien believes market fundamentals at some point would re-exert themselves, pushing up prices which have been hit by a glut of oil supplies due largely to the stellar growth of US tight oil.
展开▼
