Falling oil prices are hitting upstream investment and activity in Norway, forcing companies to review their plans and focus on the delivery of selected core projects. Norway’s central bank justified an interest rate cut this month by citing the downbeat outlook for the country’s oil sector. “Activity in the petroleum industry is softening and the sharp fall in oil prices will amplify this tendency,” the bank says. Statistics Norway in November forecast oil and gas investment will drop by around 15pc next year to below 189bn kroner ($25bn), down from NKr219bn in 2014.
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