Norway can be earned with an oil price collapse, according to oil expert Jarand Rystad. Oil prices continued to fall Thursday after OPEC announced that it will cut production.
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After a six hour long meeting in Vienna Wednesday it is clear that OPEC will not do anything to push up oil prices. Oil cartel decided to keep production quotas at 30 million barrels a day.
The price of a barrel of Brent oil fell to around $ 74 after the decision became known around 15.30 Thursday afternoon. That means that oil prices have fallen more than 30 percent since the summer.
– I’m not surprised about the price of oil will move down in the 60s, says Jarand Rystad of consultancy Energy Rystad which is one of the most used consultancies oil industry.
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